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Usmanov ups Arsenal stake

Usmanov ups Arsenal stake

Usmanov ups Arsenal stake

Alisher Usmanov continues to purchase up Arsenal shares as this morning it has been revealed that the Russian has increased his stake to 23 percent. The Russian paid £6m a share for a further 2 percent holding at £10,000 each.

Usmanov is known to be looking to acquire a blocking stake of around 25 percent before waiting for the share price to rise.

A statement read, "Red and White Holdings Limited ('Red & White') today announces, in accordance with its intentions stated on the 30th August, that it has increased its shareholding and now holds a 23 percent stake in Arsenal Holdings plc ('Arsenal')."

Usmanov has continued to buy shares since buying David Dein's chunk of shares (14.58 percent).

Managing Director Keith Edelman said of the potential acquisition of 25 percent, "I am unsure what he [Usmanov] can do with that, and I do not believe he can stop us operating the business on a day-to-day basis.

"Usmanov has a stake, Kroenke has a stake and we get on and run the business every day.

"It is a distraction for us to keep talking about it, but we are trying to focus on the team getting the job done and we do not think it affects them."