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Usmanov increases stake in Arsenal
The Russian billionaire now owns 21 percent of London club.
Last Modified: 18 Sep 2007 11:55 GMT

Kolo Toure and Emmanuel Adebayor of Arsenal: Happy with the goals, what about a new Russian owner [GALLO/GETTY]

Russian billionaire Alisher Usmanov has increased his stake in Arsenal to 21 percent, to become the second largest shareholder in the English Premier League club.
 
A brief announcement following the purchase at the London stock exchange gave no indication of Usmanov's future intentions toward the London club.
Usmanov, who formed Red and White Holdings with investor Farhad Moshiri to buy shares in Arsenal, acquired a 14.65 percent holding in August from the club's former vice chairman, David Dein.
 
The company is now the second-highest shareholder behind Danny Fiszman, who holds a 24 percent stake.

Dein left Arsenal in April after differences with the board over investment possibilities.

The long time friend of manager Arsene Wenger then joined forced with Usmanov, and is chairman of Red and White Holdings.

Not for sale..until April

The remaining board members, led by longtime chairman Peter Hill-Wood, have said they have no intention of selling their stakes.

They signed an undertaking to keep hold of their shares at least until April.

Usmanov's business interests in Russia include mining, telecoms and natural gas and was ranked 278th in Forbes magazine's list of the world's richest people in 2006.

He also recently purchased a private box at Arsenal's Emirates stadium.

Usmanov paid $16,457 per share, valuing the club at about $996 million, but a figure not including the debt incurred in building the club's new stadium.

The 60,000-seat stadium generates about $5.98 million per match from ticket sales, corporate hospitality and merchandising.

Source:
Agencies
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