Alexa

Russian billionaire buys David Dein's stake in Arsenal

Russian billionaire buys David Dein's stake in Arsenal

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. said in a statement Thursday that it had paid 75 million pounds (US$151.1 million; euro110.7 million) for the stake and appointed Dein as the company's chairman.
Red and White 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.
Red and White is an investment company established specifically to hold equity interests in Arsenal. It is co-owned by Usmanov and long time business associate Farhad Moshiri, a London-based investor.
Usamanov is involved in mining and lumber in Russia and was ranked 278th in Forbes magazine's list of the world's richest people in 2006.
Dein will develop proposals to support the future success of Arsenal and will focus on increasing Red and White's stake in Arsenal.
Dein was ousted from the Arsenal board in April after falling out with other members of the board over the possibility of a takeover by American businessman Stan Kroenke. Kroenke owns 11.26 percent of Arsenal.
Another Russian billionaire, Roman Abramovich, took over Chelsea in 2003.