Today the Arsenal board will consider a proposal from Alisher Usmanov, the Russian with 25% of the club, for a rights issue of shares which would raise new money for the club.

Gunners chief Ivan Gazidis would not disclose details of the suggestion, but his response to it was guarded.

"I am open-minded and we have commissioned Rothschild [the merchant bank] to advise the board," he told the Guardian. "We have to be sure it can make a real and lasting contribution to the club."