Usmanov increases stake in Arsenal
Tue 21st Jun 2011 | Clubs Ownership
Alisher Usmanov has increased his shareholding in Arsenal Football Club to more than 29%.
Usmanov, the club’s second largest shareholder through his company, Red & White Holdings, released a statement on the London Stock Exchange's Regulatory News Service: "Red & White Securities Limited ('Red & White') today announces that it now holds a stake of over 29% in Arsenal Holdings plc ('Arsenal')."
The move follows Stan Kroenke’s attempt to buy the Russian billionaire’s shares in the club in April. Usmanov declined Kroenke's offer of £11,750 per share, making his own offer to buy out small investors at £14,000 per share.
Kroenke increased his shareholding in Arsenal to 66.1% which, under stock market rules, triggered a compulsory offer for the remaining shares.
However, Usmanov has insisted he will not relinquish his stake in the club and has been critical of the club’s reluctance to spend cash in the transfer market.
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