Usmanov plans new raid on Arsenal

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The move would mean his Red and White Holdings company gaining more than 25 per cent of shares in the club.

Red and White, chaired by former Arsenal chief David Dein, are already the club's second largest shareholders with 21 per cent.

Raising the company's stake to beyond 25 per cent would allow Usmanov to block changes to company rules and also serve to frighten off rival bidders.

Usmanov said: "I want a position [in Arsenal] that would allow me to have a blocking stake and then wait for its value to rise."

The mining mogul believes shares in Arsenal are significantly undervalued. "They have a 50 to 100 per cent growth potential," he added.

Usmanov, who formed Red and White with investor Farhad Moshiri, acquired a 14.65 per cent holding in August from Dein and earlier this week bought a further 6.4 per cent, mainly from investment company Landsdowne Partners.