LONDON - ARSENAL manager Arsene Wenger's spending plans in the January transfer window won't be affected by the club's boardroom upheaval, principal shareholder Danny Fiszman said on Friday.

Fresh takeover speculation mounted after Mrs Nina Bracewell-Smith, Arsenal's third largest shareholder, said she was ruthlessly removed from the board earlier this week after disagreeing over the club's future direction.

If majority shareholder Alisher Usmanov added Mrs Bracewell-Smith's 15.9 per cent stake to his holding, in excess of 24 per cent, he could force a hostile takeover. Also in the equation is American businessman Stan Kroenke, who holds a 12.4 per cent share, and joined the board in September as a non-executive director.

Mr Fiszman, who owns a 24.1 per cent stake, doesn't believe the Gunners are now more susceptible to a change in ownership.

'There is always vulnerability in all walks of life. I don't think this makes us any more vulnerable than we were,' Mr Fiszman said from the Champions League draw in Nyon, Switzerland.

Despite rarely spending heavily, Wenger will have money available in January if he needs to strengthen his squad.

'The club is in good shape and we will continue with our self-sustainability model, exactly as we have in the last couple of years,' Mr Fiszman said. 'There are funds available for him if he wishes to spend but, as always, the decision is his.'

Wenger is focusing on Sunday's visit from Premier League leader Liverpool, with the Gunners needing a win to retain any hope of closing the eight-point gap.

'It is an opportunity for us to catch them, which we want to take. That is all,' Wenger said. 'At the moment, the race is still very tight because it looks for me for the first time in six or seven years that the number of points for the winner of this league will be much lower than usual - because everybody drops points against everybody.

'For us, the first step is to get back into the race - and to get back into the race, the important thing is for us to beat Liverpool.' -- AP