Usmanov increases stake
28 Sep 2007 - 10:02:48
Alisher Usmanov has increased his stake in Arsenal to 23 per cent to further increase speculation that the Russian billionaire will attempt a full-scale takeover of the club.
Usmanov has invested an estimated £6milion in purchasing a further two per cent of the Gunners through his investment company Red and White Holdings Limited.
The news come hard on the heels of the Gunners revealing a boost in profits to over £51million for their first full season at their new Emirates Stadium home.
The current board insist they are not looking to sell their shares and are not seeking fresh investment, but news of Usmanov's latest move will only seek to increase speculation that he is ultimately preparing a hostile takeover bid.
"Red and White Holdings Limited announces, in accordance with its intentions stated on the 30th August, that it has increased its shareholding and now holds a 23 per cent stake in Arsenal Holdings plc," confirmed a statement to the Stock Exchange.
Former Arsenal vice-chairman David Dein - who sold his own 14 per cent stake to Usmanov earlier this year - is the chairman of Red and White Holdings Limited.
