The Russian Billionaire told the Daily Telegraph, that Arsenal went into huge debt as a result of building a new stadium - (The Emirates Stadium).
He said that the club taking the loan and agreeing to repay it mainly through match-day revenues meant that the club could not compete with big transfer fees of players before, but now they can do that.
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| Alisher Usmanov |
Usmanove said that there were couple of other methods, of financing the stadium, but the board and main shareholders, chose the above method.
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''It is always up to the shareholders to choose which model to adopt.''
''The board and main shareholders chose the debt option at the time, which led to Arsenal going almost 10 years, without winning a domestic title or the Champions League,'' he said.
''The first trophy only arrived in the 10th year. As a aresult of this choice, they were selling players and were unable to buy top players.
''These difficulties have now been overcome and the team is in a good state, the club's finances are in order, and I believe that Arsene Wenger and the club CEO (Ivan Gazidis), will manage them correctly.
The Uzbek born Russian whose fortune is estimated at $18.6b and at number 43 in Forbes list of richest people said that, because the club's finances are in order, they can bring in top players and challenge for titles.
''The club's well placed to succeed. I think we begin a new era for Arsenal, where we win trophies. That is most important for football.
Alisher Usmanov believes, that the club has put in place, a good decision-making process, which includes selection policy that enables them now, to buy best players available.
''In my opinion, in line with the existing rules, the club has the correct decision-making process in place, including their selection policy, especially now, when they have the means to buy the best players,'' he said.
Read also: africanfootie.blogspot.com
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