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.