The 76-year-old has defended the club's
business strategy after the Uzbek
shareholder released a damaging statement
criticising the running of the north London
side
Arsenal chairman Peter Hill-Wood has hit back at
shareholder Alisher Usmanov after the Uzbek
criticised the club's recent operations.
In response to star striker and club captain Robin
van Persie's decision to not extend his contract
with the club, Usmanov said in an open letter to
the Gunners' board that the club's current
business model was geared towards making
personal fortunes.
But Hill-Wood, who sold his shares to majority
owner Stan Kroenke, has rejected these claims as
"complete and utter rubbish" and believes the
58-year-old is threatening to destabilise the club.
He told The Guardian: "It was nice to make that
money, but I was never involved in Arsenal for
that reason.
"I was involved because I have been brought up
to love Arsenal and that is my only concern.
"I do not know what he [Usmanov] is trying to do
really, I don't think he is right."
Hill-Wood also stressed that Arsenal cannot go
head-to-head financially with the likes of
Manchester City and that is why the club must
take care of its money.
He continued: "We don't have the same oil
wealth that [City's owner] Sheikh Mansour has.
He is prepared to pay astronomical figures for
players; we cannot pay that sort of money, and
we can't compete."
Usmanov, however, believes that the board
should pay off the stadium debt in order to
ensure players like Van Persie can be retained but
Hill-Wood disagrees.
"It's simple to say we should put some money in,
but it doesn't make any sense," the 76-year-old
said.
"We can't pay off the debt without huge
penalties, and putting money in for any other
reason doesn't make any sense at all.
"We give the manager as much money as we
possibly can, and all we can do is continue. We
have run the club sensibly, and we haven't done
badly; it's not as if we have been relegated."