Alisher Usmanov
Alisher Usmanov has backed Arsene Wenger to turn Arsenal's fortunes aroundGetty Images/Oli Scarff

Arsenal minority shareholder Alisher Usmanov has backed Arsene Wenger to turn around the club's fortunes if he acknowledges his previous mistakes at the Emirates Stadium.

Defeat to Manchester United on Saturday 22 November was the club's third in the league this season and leaves the Gunners 15 points behind leaders Chelsea after just 12 games.

Discontent is beginning to build among Arsenal fans after years of treading water among the Premier League's elite clubs and while Usmanov is critical of Wenger's regime, he believes the French boss is capable of returning the club to their former glory.

"Arsenal is a dream that sometimes becomes a mirage and sometimes a pain as every dream," Usmanov told CNBC.

"[The] potential of the team is there, but there is no critical evaluation of mistakes and they need to need to acknowledge them. Because no genius can retain the same level of genius if they do not acknowledge mistakes. It's only when you admit your mistakes that you can get rid of them."

The 30% stakeholder added: "He is one of the greatest coaches, not just of European, but of world football. But we have a Russian proverb which goes 'Even an old lady can have a roof falling on her'.

The criticism regularly levelled at Wenger is his unwillingness to improve on his squad's options both in defence and in midfield, where Arsenal have been wafer-thin in terms of resources this season.

The 65-year-old manager has hinted new players will be signed in the January transfer window in order to beef up the options available at Arsenal and Usmanov has said that with the club sitting on £173.3m in cash reserves, money is clearly available.

"My opinion - and I tell it openly - we need to strengthen every position to play on the level of such teams in [the] UK as Chelsea and Manchester City, in Europe like Real [Madrid], Barcelona, Paris Saint-Germain, [Bayern Munich] and other clubs," he said.

"Everybody makes mistakes. He can make mistakes and I know as you age it is more difficult, more challenging to accept one's mistakes. Does [Wenger] have money or not? There is officially money in the club."