Usmanov ups Arsenal stake

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The purchase is estimated to have cost the billionaire in the region of £6million at some £10,000 a share as his investment company Red and White Holdings Limited have upped their holding by around 2%.

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

Arsenal's parent company earlier this week published highly impressive figures for 2006/2007, with overall turnover up to £200.8million at Emirates Stadium and operating profit also increased significantly to £51.2million following the club's move to their new 60,000-seater home.

The Gunners are currently top the Barclays Premier League, but it is the recent activity on the stock markets which have grabbed the headlines.

Reports in the Russian media have quoted Usmanov as being ready to up his interest to obtain a 'blocking stake' of just over 25% before then waiting for the share price to rise.

Even though the board maintain they are not about to sell up and the current financial figures show there is no need for a wealthy individual backer, this announcement will continue to fuel speculation Usmanov is preparing to launch a hostile takeover.

Red and White Holdings were formed earlier this year when ex-Arsenal vice-chairman David Dein sold his 14.58% stake for £75million to the Russian.

At the time, Dein outlined his vision to turn Arsenal into "the world's number one football club" and "work with others to provide the financial resources necessary to turn the vision into reality".

Dein had stepped down from the Arsenal board in April over a disagreement over the involvement of American billionaire Stan Kroenke, who holds a 12.19% stake.