[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
Muslim volunteers face questioning and threat of arrest, while aid has been disrupted or blocked, charities say.
Six months on, outrage and sorrow over the mass schoolgirl abduction has disappeared - except for families in Nigeria.
ISIL combatants seeking an 'exit strategy' from Mideast conflict need positive reinforcement back home, analysts say.
European nation hit by a wave of Islamophobia as many young fighters join ISIL in Syria and Iraq.
Featured
Lack of child protection laws means abandoned and orphaned kids rely heavily on the care of strangers.
At least 25 tax collectors have been killed since 2012 in Mogadishu, a city awash in weapons and abject poverty.
Since she was 16-years-old, Scottish Nationalist Party's Sturgeon has strove for independence from the UK.
Armed group's ransom success with German hostages marks a re-emergence, as authorities investigate ISIL links.
Western nations are moving into the resource-rich country after decades of disinterest, challenging China's interests.