Arsenal's second largest share holder, Alisher Usmanov, disappointed by the latest developments, has slammed the club's board in a hard-hitting open letter.
Red & White Securities Ltd (RWS), fronted by Usmanov and Farhad Moshiri hold about 30% shares of the company. In a letter addressed to the board, RWS said they were prepared to do "what is necessary to ensure success" and retain the marquee players.
Usmanov has a fractious relationship with Arsenal's board members and does not see eye to eye with the North London club's highest stake holder - Stan Kroenke. RWS said they envisaged a debt-free club, but with a "big enough warchest" to buy and retain the best players.
"We want the absolute best for the club and will do what is necessary to ensure the success of the club that we all love.
"We wish the majority shareholder Mr Kroenke every success in running the club, even though we have deep reservations about the viability of the policies being pursued by his management team and sanctioned by the board.
"So what is Red & White's vision for the club? It is simple. A debt free club, with a big enough war chest to buy top talent players who can hit the ground running and who can complement the club's long tradition of developing young players and homegrown talent.
"Together they can help the club win the most prestigious trophies - because it is the trophies which are the crowning achievement for everybody at the club."
The Arsenal board are taking the letter into consideration and will take some time before making a response, if at all. However, it is understood, the letter and the expected departure of Robin Van Persie has not swayed the board members into changing their mentality. They want Arsenal to be a club that operates within its limits and believe that will bring long-term stability and with it success for the club.
Van Persie, in a statement on his website, said he would not accept a new contract at Arsenal and this follows the departures of high-profile names like Cesc Fabregas and Samir Nasri last summer.
Manchester City, who have taken four Arsenal players in the past, including two players last season, are believed to be the frontrunners for the Dutchman's signature, with the club ready to offer nearly £220,000 weekly wages ($342,000).
"This policy is leading to the loss of our best players, often to our main competitors, and even causes the players themselves to question their future at the club and the club's ambitions. The situation with our captain and outstanding performer from last season Robin van Persie sums this up," the letter continued.
"Yet again we are faced with losing our true marquee player at the club because we cannot assure him of the future direction and give confidence that we can win trophies.
"Where are the safeguards to ensure that this doesn't happen again and again in the future?
"As a top club we should, at the very least, match if not beat the offers that other clubs make to try and lure our very best players away, and also provide a more compelling vision of the future
"You can try and put a good face on a bad game for as long as you want, pontificating about the merits of this model, but it will not hide the obvious fact that it just does not allow our great manager to fully realise his managerial talent and deliver success for the fans who are paying the highest prices in the land.
"It appears that a place in the Champions League will be the pinnacle of our ambition again next season. Unfortunately, in the future we may see this ambition lowered further."
