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Alisher Usmanov was glad Arsene Wenger penned a new deal but he warned the Gunners boss must be supported financially.
The Uzbek-born billionaire, who recently tried and failed to buy out Arsenal from Stan Kroenke, has a 30 per cent stake in the club but no seat on the board.
The decision to give Wenger another shot at the Arsenal job was made without consulting Usmanov, but he has been an ardent supporter of the Frenchman.
And Usmanov says he will be willing to offer any support he can if Kroenke fails to provide the much needed support required to protect Wenger’s legacy at Arsenal.
A statement read: “I am pleased Arsene Wenger will continue to manage Arsenal for the next two years – he is one of the best coaches in Europe.
“What is now of paramount importance is that he receives the full support of the board and the majority shareholder.
“He has a great opportunity to deliver the success that the fans deserve and the legacy his long contribution merits.
“However, without the right support there remains a real risk his legacy will be tarnished. If the support is not forthcoming we stand ready to step in and do everything we can to deliver success on and off the field.”
Kroenke, who was at the mercy of supporters who hurled insult at him on the final day of the Premier League season, said: “Our ambition is to win the Premier League and other major trophies in Europe.
“It’s what the fans, players, staff, manager and board expect and we won’t rest until that is achieved. Arsene is the best person to help us make that happen.”