[QODLink]
Sport
Dein sells Gunners stake
A Russian billionaire buys into the London club.
Last Modified: 30 Aug 2007 17:34 GMT
David Dein (r) with long time friend and ally Arsene Wenger [GALLO/GETTY]
Former Arsenal chairman David Dein sold his 14.58 percent stake in Arsenal to a consortium led by Russian billionaire Alisher Usmanov.
 
Red and White Holdings Ltd. has been established to specifically deal with its interest in Arsenal and stated they had paid $151.1 million for the stake before appointing Dein as the company's chairman.
A further takeover bid is reportedly not on the agenda for the consortium despite the company saying they said it had "committed funds" to enable it to increase its stake in Arsenal.
 
 
"However, Red and White confirms that it has no current intention to make a takeover offer for Arsenal or to acquire a shareholding in Arsenal which would trigger an obligation to make a takeover offer for Arsenal," the statement said.

Usmanov is joined in the consortium by long time business associate Farhad Moshiri, a London-based investor.

The Russian earned his fortune in mining and lumber in Russia and was ranked 278th in Forbes magazine's list of the world's richest people in 2006.

Dein said his goals were to develop proposals to support the future success of Arsenal and will focus on increasing Red and White's stake in Arsenal.

Source:
Agencies
Topics in this article
People
Featured on Al Jazeera
Your chance to be an investigative journalist in Al Jazeera’s new interactive game.
An innovative rehabilitation programme offers Danish fighters in Syria an escape route and help without prosecution.
Street tension between radical Muslims and Holland's hard right rises, as Islamic State anxiety grows.
Take an immersive look at the challenges facing the war-torn country as US troops begin their withdrawal.
Featured
Private citizens take initiative to help 'irregular' migrants, accusing governments of excessive focus on security.
Indonesia's cassava plantations are being killed by mealybugs, and thousands of wasps will be released to stop them.
Violence in Ain al-Arab has prompted many Kurdish Syrians to flee to Turkey, but others are returning to battle ISIL.
Unelected representatives quietly iron out logistics of massive TPP and TTIP deals among US, Europe, and Asia-Pacific.
Led by students concerned for their future with 'nothing to lose', it remains to be seen who will blink first.