A proposed rights issue to generate new cash which was put forward and underwritten by the Russian oligarch Alisher Usmanov, has been turned down by the Arsenal board. Chief executive Ivan Gazidis confirmed the subject was given due consideration, but has been turned down in favour of the status quo which sees the Emirates Stadium club remain self-financing.

Gazidis said in an interview with the club's official website.

"With regard to debt, the conclusion reached is that the club has a very efficient capital structure with long-term debt on attractive interest rates.

"We can comfortably afford to meet the annual costs of this debt while at the same time generating surplus funds to invest in the club.

"Using permanent capital to pay down debt would not, therefore, radically transform the annual cash flow of the club."