Arsenal's second-largest shareholders have written an open letter to the board expressing "deep reservations" over the direction of the club in the wake of captain Robin van Persie deciding against extending his contract.

Alisher Usmanov has increased his shareholding in Arsenal beyond the 29% mark.

Arsenal’s second-biggest stakeholder Alisher Usmanov still has doubts as to whether the club have enough cash to support Arsene Wenger.

Russian billionaire Alisher Usmanov has issued a statement to the Stock Exchange confirming his Red and White Holdings company “has no current intention to make an offer” for Arsenal.

Russian Alisher Usmanov has further increased his stake in Arsenal to 23%, it was announced this morning.