The Uzbek-born businessman has been a vocal critic of the board's frugal policy in the past and urges the Gunners to splash out for the Manchester United forward
The Uzbek-born Russian billionaire's 29.9 per cent stake makes him the Gunners' second-biggest shareholder and he has backed the move for the Manchester United striker.
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"He is a great player, there would be great success for Rooney [if he joined Arsenal] and for Arsenal, too," Usmanov told CNBC.
The richest man in Britain admitted to the growing frustration over Arsenal's failure to win a trophy since 2005 but insists that the board is completely behind Wenger.
"We as shareholders point to some drawbacks in the management of the club but Wenger is a great coach and the club is progressing in the commercial sense," he continued. "We should trust him."
"It is high time for the club to win the highest trophies in the Champions League but I believe in the club's future."
The 59-year-old was highly critical of the board following Robin van Persie's departure for Manchester United last summer, pinpointing a lack of ambition for the club’s inability to compete for major titles.