Russian shareholder Usmanov reveals he wants to buy Gunners

Usmanov's company, Red and White Holdings, bought David Dein's 14.58 per cent shareholding in the Gunners yesterday in a move that could lead to civil war within the boardroom at Emirates Stadium.

'Arsenal as a business was undervalued' Usmanov gives his reasons for investing

Managing Director Keith Edelman spelled out last night that he and the rest of the board did not welcome any foreign investment and had "ample cash resources".

But Usmanov, who said he had been an Arsenal fan for the past eight years and greatly admired Arsene Wenger, insisted he would be looking to increase his shareholding.

He said: "I have been an Arsenal fan for eight years and I think the club has the best manager in the Premier League. But this purchase of mine is not a strategic or a political one. It's a portfolio investment. Arsenal as a business was undervalued.

"My aim is to steadily increase my package because I think the value of it will grow and will soon reach a higher level. The club has everything to achieve it." Usmanov, who is the majority partner in Red and White Holdings with Iranian Farhad Moshiri, has a VIP box at Emirates Stadium and regularly attends matches. He approached Dein through an intermediary, believed to be Keith Harris - the former Football League chairman of investment bank Seymour Pierce - because he wanted a piece of the Premier League boom.

Usmanov is close friends with Chelsea owner Roman Abramovich, the pair having met in the early 1980s in Moscow. He has never previously had a connection with football but has joined the ranks in the former Soviet Union who see it as a vital fashion accessory.

Usmanov created the company Red and White specifically as a vehicle for buying into Arsenal but it is believed that he does not want a role in the day-to-day management of the club.

That will be left to Dein, who is delighted to be back in the spotlight and has maintained his interest in the club by becoming chairman of Red and White.

Dein, who sold his shares for £75million, has remained in close contact with American Stanley Kroenke, whose 12.19 per cent shareholding may now become a vital tool in the political manouverings that will take place at Emirates.

The current board has a 12-month lock down agreement and insisted again last night that they do not intend to break that deal and will not sell.

Arsenal are the last of the big four not to fall into foreign hands with Chelsea owned by Abramovich, and Americans Malcolm Glazer at Manchester United and George Gillett at Liverpool.

Dein believes that without money from overseas investment, Arsenal will fall behind the Premier League pacesetters and that led to his demise back in April when he backed Kroenke's attempts to takeover the club.

Gunners fans will feel more secure about the future of manager Wenger now that Dein is back, though, and the former vice-chairman has been in constant touch with the Frenchman and has urged him to stay.

Dein said: "I have not lost my passion for the club; indeed it is greater than ever.

"I have been flattered by the generous offers I have received since April to work with other clubs, both in England and elsewhere. But there is only one club for David Dein and that is Arsenal.

"My ambition remains to play an active role in Arsenal again."

And he added: "I have maintained my close friendship with Arsene. I believe our professional partnership over many years was highly successful and beneficial for the club we both love.

"I hope it can be resumed. Meanwhile, I want Arsene to continue as manager and, indeed, I have encouraged him to sign a new contract."