Ozil produced another below-par display in the 2-0 Champions League defeat by Bayern Munich on Wednesday night at the Emirates Stadium, where his early penalty miss proved crucial
Usmanov's Red & White Holdings group own just over 30 percent of the Barclays Premier League club, but are yet to be represented on the board along with majority shareholder Stan Kroenke.
Usbek metals magnate Usmanov, 60, has long championed the type of stellar signing which manager Arsene Wenger was finally able to pull off when bringing Ozil in from Real Madrid for £42.5million on deadline day of the summer transfer window, but accepts the German playmaker may well need more time to adapt.
"Ozil was not (playing) at his capacity, maybe because he is tired," Usmanov told reporters as he left the director's entrance at the Emirates Stadium, where he holds a private box.
Ozil posted an apology on his Facebook account for the costly error as his chipped effort from the spot in the eighth minute was saved by Manuel Neuer.
The Bundesliga giants went on to score twice in the second half after Arsenal goalkeeper Wojciech Szczesny was shown a red card for tripping Arjen Robben.
Usmanov added: "We played against the best team in the world, but unfortunately we did not have the luck, (but) we did good play."