Stewart Robson: Ivan Gazidis is a failure

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Arsenal began their International Champions Cup with a penalty shootout loss to Atletico Madrid in Singapore.

"Every day we are doing meetings together, speaking about the Arsenal project, speaking about how we can improve, how we can work together and move forward as a club", Emery said after Arsenal's defeat against Atlético Madrid in their pre-season friendly here on Thursday.

"I'm not sure exactly (when a new contract will be agreed) - it's taken a bit of time so far so we'll have to wait and see".

Arsenal head coach Unai Emery is confident that chief executive Ivan Gazidis will stay at the Emirates, despite widespread reports in Italy linking him with AC Milan.

It has been a summer of change at Arsenal, with Arsene Wenger leaving the club after more than two decades as manager and rumours recently suggesting that shareholder Alisher Usmanov is looking to sell off his stake in the club after more than a decade.

The Spaniard named a strong starting line-up featuring Alexandre Lacazette, Pierre-Emerick Aubameyang and Aaron Ramsey, but they were largely eclipsed as Atletico beat the Gunners 3-1 on penalties after the teams were tied 1-1 after 90 minutes.

Ramsey is now in the final year of his contract with Arsenal but Emery is confident the Welsh midfielder will sign a new deal and extend his stay at the Emirates.

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'Tactically, we've been working very hard, there's a lot of information to take on.

That has created a structure where Gazidis, Sanllehi and Mislintat work together with Emery on most key decisions - a major departure from the Wenger years, when the Frenchman had the final say on almost everything. "I said to you I want five captains in the team".

He said: "I think this is the moment for the young players to show quality like Emile did. But Aaron has the condition to be one of the captains".

"Today I am very happy with his work on the pitch, but not only today".

Despite Arsenal's loss here there were positives for Emery, with the performance of Emile Smith Rowe a particular highlight.

'Then they are winning every day in training sessions to be with us. History has showed that Arsenal always gave opportunities to young players.

"When he came to Arsenal I knew a very high profile sports agent, who told me he was "the worst negotiator" he had ever dealt with".