Arsenal major shareholder and Russian billionaire Alisher Usmanov has lost 100s of millions in the last week thanks to the plummeting value of the Russian ruble in the Eastern European nation’s financial crisis.
A reported 15 Russian billionaires lost a total of $8.65 billion in the space of 48 hours as a result of the troubles, with Usmanov having lost $809 million (£516 million). However that’s a mere fraction of what he’s worth, with his total wealth believed to be around £8.5 billion.
In the modern era of sugar daddy owners purchasing football clubs it’s a reality check that even the wealthiest of owners are at risk. Certainly the financial woes has barely scratched the surface for Usamanov, but one thing is for certain – it won’t be affecting Arsenal.
The Gunners have refused to appoint the outspoken billionaire to the board and ignored Usamanov’s calls to use his money. Arsenal’s self sustaining business model is testament to the idea of going about things in the ‘right way’.
It may be frustrating to have a limited budget unlike the Chelsea’s and Manchester City’s, we have a more financially stable club and less reliance on these super-rich owners wealth.
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While it’s not ideal to hear a major shareholder has lost £500 million in a few days luckily it will not be damaging to the club itself. Roman Abramovich and Dmitry Rybolovlev, who own Chelsea and Monaco respectively have also been heavily affected.
More news on this as it unfolds.