Published: 17 February, 2009, 21:09
Edited: 17 February, 2009, 21:09
Russian billionaire Alisher Usmanov has moved a step closer to controlling Arsenal. He's increased his stake in the Premier League club to 25 per cent, and needs just a further 5 per cent to launch a formal takeover bid.
His investment group ‘Red and White holdings’ initially bought shares in the north London club two years ago from former vice chairman David Dein.
Dein is now the chairman of Usmanov's group, which in a statement said: “We are pleased to have secured over a quarter of the shares in Arsenal. We are committed, long-term investors and supporters of the club and are comfortable that we are now in a protected position.”
Usmanov is one of Russia’s most respected and distinguished businessmen. He’s currently 10th richest in Russia with an estimated wealth of $US 4.5 billion.