Robin van Persie of Arsenal during the Barclays Premier League match between Bolton Wanderers and Arsenal at the Reebok Stadium on February 1, 2012 in Bolton, England.

A simmering feud between the major shareholders of Arsenal erupted yesterday when American owner Stan Kroenke was accused of selling the club's best players and replacing them with cheaper ones.

In the letter, Alisher Usmanov and Farhad Moshiri wrote to Kroenke expressing "deep reservations" about how he runs the club after captain Robin van Persie declined to sign a new contract.

Usmanov and Moshiri own just under 30 percent of Arsenal through investment company Red & White, but they haven't been allowed by Kroenke to join the board. They complain in the letter that Kroenke is running Arsenal "without any investment" and with little sign that a trophy drought stretching back to 2005 will end soon.

"It is down to our manager and not the shareholders to have to deal with the club's tight finances, carry the burden of repaying the stadium debt by selling his best players and having to continue to find cheaper replacements," Usmanov and Moshiri wrote. "All of that, naturally, comes at the expense of performance on the pitch. This policy is leading to the loss of our best players, often to our main competitors, and even causes the players themselves to question their future at the club and the club's ambitions. The situation with our captain and outstanding performer from last season, Robin van Persie, sums this up."

Van Persie announced in a shock statement on Wednesday that he would not extend his Arsenal contract, which expires in a year, because "we in many aspects disagree on the way Arsenal should move forward."

The Netherlands forward scored 37 goals in all competitions for Arsenal last season.

Marquee player

"Yet again we are faced with losing our true marquee player at the club because we cannot assure him of the future direction and give confidence that we can win trophies," Usmanov and Moshiri wrote. "Where are the safeguards to ensure that this doesn't happen again and again in the future?"

Arsenal has lost other stars in recent years amid dissatisfaction about the lack of success and lack of funds for transfers. A year ago, then-captain Cesc Fabregas joined Barcelona, while playmaker Samir Nasri and defender Gael Clichy signed for Manchester City and won the Premier League title in May.

"You guys, the fans, have of course the right to disagree with my view and decision and I will always respect your opinions," added the 28-year-old Dutch forward, whose performances last season saw him named Player of the Year by both his fellow professionals in the Premier League and England's Football Writers' Association.

Since signing from Dutch side Feyenoord in 2004, Van Persie has won just one trophy with Arsenal - the 2005 FA Cup.

"I have kept quiet all this time out of respect and loyalty for the club and as agreed with Mr Gazidis and Mr Wenger, but since there is so much speculation in the media, I think it is fair for you guys to know what's really going on at the moment.

"As announced earlier this year I had a meeting with the boss (Wenger) and Mr Gazidis after the season. This was a meeting about the club's future strategy and their policy. Financial terms or a contract have not been discussed, since that is not my priority at all. I personally have had a great season but my goal has been to win trophies with the team and to bring the club back to its glory days."