Usmanov Will Bid For Arsenal Takeover

Russian billionaire Alisher Usmanov has revealed his hand for the first time,
declaring that his long-term plan is to launch a takeover to buy Arsenal.

Usmanov recently raised his stake in the club to 23% through his company Red
and White Holdings but had remained silent on any plans for a full takeover.

Usmanov commented: ‘We don’t have the capacity today, but this is business
and life is changing. Something that you can’t do today, maybe you can do
tomorrow.’

Arsenal chief executive Keith Edelman has continually refuted suggestions
that the Russian billionaire would buy the club stating that the existing
financial state of Arsenal did not demand foreign investment.

Usmanov’s stake makes him the club’s second largest shareholder behind Danny
Fiszman, who owns just over 24%.

However, Fiszman and fellow board members Peter Hill-Wood, Lady Nina
Bracewell-Smith and Richard Carr have a so-called ‘lockdown agreement’ not to
sell their shares until April 2008 at the earliest.

The quartet currently account for 45% of the club’s shares, so their
agreement is key to any takeover bid Usmanov might make.

Red and White Holdings is chaired by David Dein, the former Arsenal vice
chairman whose sale of his shares to Usmanov let the Russian into the club’s
board.