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.
Red & White Securities Limited, fronted by Alisher Usmanov and Farhad Moshiri, hold around 30% of shares in the Gunners' parent company, which was the subject of a takeover in 2011 by American tycoon Stan Kroenke.
In the letter, concerns are raised over "losing our true marquee player" and RWS also ask the board in the letter: "Where are the safeguards to ensure that this doesn't happen again and again?"
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