Arsenal board battling over £150m rights issue

Arsenal directors met tonight to discuss whether to raise up to £150 million from shareholders to boost Arsene Wenger's warchest.

Danny Fiszman, 16% shareholder, flew in from Switzerland, and Stan Kroenke, who has a 28% stake, came over from the US for today's meeting.

The issue is the brainchild of Alisher Usmanov, the Uzbeki commodities billionaire who owns 25% of the club but has not been given a seat on the board.

If the board decides in favour of the plan, it will be a major boost to Usmanov who was not present today.

Rothschild advisers presented plans for how a fundraising through a share issue would benefit the club.

However, despite the high-profile meeting, described by insiders as a regular shareholder meeting with other issues, a decision on the rights issue could be weeks, if not months away.

Old Arsenal family money comes in the shape of Lady Bracewell-Smith's 15% shareholding and many believe she could sell up to the Uzbek.

Arsenal needs the money to refinance a £133 million loan, linked to the faltering sale of flats at its old Highbury home.

But fans hope the board will also find money to transform Wenger's underperformers.