Usmanov says no plans to exceed 25% Arsenal stake
MOSCOW (Reuters) - Russian billionaire Alisher Usmanov said on Wednesday his company had no plans to raise its stake in English Premier League club Arsenal beyond the 25 percent mark that would give it a veto on major club issues.
"We will raise our stake to a blocking stake," Usmanov told a news conference in Moscow."
"We have announced that our company will buy up to 25 percent. We do not have any other plans," he added.
A blocking stake constitutes 25 percent plus one share and would allow Usmanov to overrule any major club decisions.
Usmanov was speaking at a press conference to announce his company Metalloinvest's sponsorship of Russian Premier League club Dynamo Moscow.
Red and White Holdings, a company owned by Usmanov and London-based business partner Farhad Moshiri and chaired by former Arsenal vice chairman David Dein, has built a 24 percent holding in Arsenal, current leaders of England's top division.
The stake building has received a frosty reception from Arsenal's board, who between them own more than 40 percent of the shares.
- Tweet this
- Share this
- Digg this
- OPEC oil output hits highest since 2012 on Libya, Saudi-Reuters Survey
- With iPhone 6 approved in China, Apple suppliers ready for demand
- Energy, manufacturing to lead Modi, Obama talks
- Modi promises U.S. CEOs a return to market reforms
- Kurds seize Iraq/Syria border post; Sunni tribe joins fight against Islamic State
The ugly spectre of drugs in sport took centre stage at the Asian Games on Tuesday when two athletes, including a gold medal winner, were kicked out of the region's biggest multi-sports competition for doping offences. Full Article