[ENG] Arsenal's self-financing model comes under scrutiny from within

Robin van Persie said he did not sign a new contract with Arsenal as he disagreed with the club's direction and strategy. Photograph: Michael Regan/Getty Images

The morning after Arsenal's captain and outstanding player, Robin van Persie, announced he will not renew his contract and criticised the club's strategy and ambition, the club's brooding, frustrated 30% owner Alisher Usmanov piled in. In an "open letter to the board of directors" the Uzbek steel and telecommunications billionaire savaged Arsenal's direction and "self-financing model" under the 62% owner, the American Stan Kroenke, and argued the manager, Arsène Wenger, is being denied the wherewithal for success.

The "self-financing model" has been so sung by Arsenal in praise of their approach that it was presented as a beacon of good practice to the parliamentary select committee examining football's unholy relationship with money last year. In essence Arsenal have for years prescribed that the club must live from its income, and no director or owner must put a penny into the club.

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