Arsenal's second-largest shareholders have written an open letter to the board expressing "deep reservations" over the direction of the club in the wake of captain Robin van Persie deciding against extending his contract.
Red & White Securities Limited, fronted by Alisher Usmanov and Farhad Moshiri, hold around 30% of shares in the Gunners' parent company, which was the subject of a takeover in 2011 by American tycoon Stan Kroenke.
In the letter, concerns are raised over "losing our true marquee player" and RWS also ask the board in the letter: "Where are the safeguards to ensure that this doesn't happen again and again?"
Red & White, who do not have a representative on the board, feel Arsenal chief executive Ivan Gazidis has given the impression there is a "bitter stand-off" between themselves and the hierarchy.
The letter continued: "In our view it is clear you are trying to distract attention from the more fundamental issues facing the club.
"These are the financial model, the lack of investment and club's future strategic direction.
"At the heart of this is the policy of so-called self-financing. The previous decision by the board to fund the building of the Emirates Stadium with long-term debt was, we believe, certainly not about self-financing."