Russian billionaire buys Arsenal stake from Dein

A firm co-owned by Russian billionaire Alisher Usmanov said yesterday it had bought a 14.6 per cent stake in UK soccer club Arsenal from former vice-chairman David Dein for £75 million.

The purchase by Red & White Holdings Ltd, which also named Dein as its chairman, could eventually put further pressure on the Arsenal board to face a takeover.

Red & White said it wants to increase its stake and would approach the board shortly, but has no immediate plans for a full buyout.

"Red & White believes that in order to remain competitive at the top level of the game, Arsenal will require access to significant funding," the firm said in a statement.

Arsenal started bracing for a battle after Dein left the club in April.

The schism surfaced after US billionaire Stan Kroenke bought 10 per cent of Arsenal, spurring speculation he was keen to buy the north London Premier League club. He later raised his stake to 12.2 per cent.

Arsenal chairman Peter Hill-Wood has made clear the board's opposition to any such move.

He and other board members owning 45.5 per cent of the club have pledged not to sell their stakes.