Arsenal’s board has no “hunger” to ap­prove a rights issue proposal from Alisher Usman­ov, the Russian steel billionaire who owns 25 per cent of the Premier League club, although it has agreed to consider it.

Red & White Holdings, Mr Usmanov’s investment vehicle, formally made the suggestion in a letter to the board and it will be discussed at a meeting this week. But board insiders played down the likelihood that the rights issue proposal will be met positively.