LONDON (AFP) — An investment company controlled by Russian billionaire Alisher Usmanov has become the second-largest shareholder in English Premiership football team Arsenal, it was announced Tuesday.
The purchase by Red and White Holdings Limited was announced to the London Stock Exchange and gives it a 21 percent stake in the club, just behind board member Daniel Fiszman, who owns 24 percent.
Usmanov and his fellow investor Farhad Moshiri bought a 14 percent stake in the club for around 75 million pounds (111 million euros, 150 million dollars) in August.
They bought their share in the club from David Dein, the club's former vice-chairman who left Arsenal in April, reportedly over his support for foreign investment and particularly American businessman Stan Kroenke, who wanted to take over the club.
Dein is the chairman of Red and White Holdings Limited. The firm has said that it is not currently interested in gaining overall control of Arsenal and Usmanov has said his share in the club is a "portfolio investment."
The overall cost of buying Arsenal is thought to be more than 750 million pounds, including a debt of 260 million pounds from the construction of the huge new Emirates Stadium.
Usmanov is the majority shareholder in Russian mining company MetalloinvestHolding and has media and telecoms holdings in Russia's largest business newspaper and investment in a mobile phone company.
He is worth around 5.5 billion dollars, according to Forbes magazine, and is seen as being close to Russian President Vladimir Putin.
On Monday, he paid over 20 million pounds for the art collection of late Russian cellist Mstislav Rostropovich, which will now be returned to Russia.
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