Arsenal's second-biggest shareholders have written to owner Stan Kroenke expressing ''deep reservations'' about how the American is running the club after captain Robin van Persie refused to sign a new contract.

Alisher Usmanov and Farhad Moshiri say in the letter obtained Thursday by The Associated Press that a ''tight'' financial regime is leading to manager Arsene Wenger ''selling his best players and having to continue to find cheaper replacements.''

They complain that ''we are faced with losing our true marquee player'' because we cannot ''give confidence that we can win trophies,'' asking ''where are the safeguards to ensure that this doesn't happen again and again?''

The pair own just under 30 percent of Arsenal through investment company Red & White, but haven't been allowed by Kroenke to join the board.