Arsneal's biggest shareholder, Russian tycoon Alisher Usmanov, today questioned the way the club is being run.

Mr Usmanov spoke out after the latest row that saw the club's third largest shareholder, Lady Bracewell-Smith, voted off the board.

In an interview published today he said he would continue to accumulate shares.

But he ruled out a bid for Lady Bracewell-Smith's stake and appeared to quash claims he was plotting a takeover.

Mr Usmanov's partner, Farhad Moshiri, has been tasked with discovering why Lady Bracewell-Smith was removed last week.

Mr Usmanov said: "When in the space of a year four members of the board of directors are sacked, when the general director whom everybody had praised is changed, we consider that to be a huge matter - just to sack a major shareholder [Lady Bracewell-Smith] without explanation.

"Mr Moshiri is now in London and is trying to find out the reasons for these sharp changes and according to what explanation we get, we will decide our strategy."

Mr Usmanov, 55, one of Russia's richest men with an estimated fortune of £2.5 billion, is known as "Russia's hard man".

There have been concerns he will push his 24.9 per cent stake past 30per cent, which would trigger a takeover bid under stock market rules.

But Mr Usmanov said he had no plans to buy Lady Bracewell-Smith's 15.9 per cent stake.

While she was on the board she was subject to a "lockdown" that prevented her selling shares to anyone other than club directors.

He said: "I have not held any negotiations with her about a purchase. I haven't seen her and so far she has not announced that she wants to sell. There is no point in discussing something that doesn't exist."

Mr Usmanov, who last month bought a further 48 shares in the club worth £374,000, said he would not increase his stake at the moment. He said: "I am unlikely to at the moment because I have more important financial matters to deal with.

"But we have never concealed that we would like to acquire a blocking stake of up to 29.9 per cent and nothing prevents us doing that. That's what interests us and, little by little, without hurrying, we are buying up shares from the market."

Mr Usmanov refused to rule out attempting to acquire another large stake. "No businessman can say that," he said. "What if after two or three years I'm offered something at a good price? But at the moment I don't want to buy [a large stake], I don't have the means. Nobody has at the moment."

Mr Usmanov also made it clear he was committed to Arsenal's manager, Arsène Wenger. "My investment in Arsenal is connected with absolute faith in the team created by Arsène Wenger," he told the Guardian. He said he was dismayed that he was seen by some as a threat to the club.

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