[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
Swathes of the British electorate continue to show discontent with all things European, including immigration.
Astronomers have captured images of primordial galaxies that helped light up the cosmos after the Big Bang.
Critics assail British photographer's portrayal of indigenous people, but he says he's highlighting their plight.
As Western stars re-release 1980s charity hit, many Africans say it's a demeaning relic that can do more harm than good.
Featured
No one convicted after 58 people gunned down in cold blood in 2009 in the country's worst political mass killing.
While hosting the World Internet Conference, China tries Tiananmen activist for leaking 'state secrets' to US website.
Once staunchly anti-immigrant, some observers say the conservative US state could lead the way in documenting migrants.
NGOs say women without formal documentation are being imprisoned after giving birth in Malaysia.
Public stripping and assault of woman and rival protests thereafter highlight Kenya's gender-relations divide.