Usmanov makes push towards 30 pct Arsenal stake

Updated: 2011-10-13 10:40


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LONDON - Russian billionaire Alisher Usmanov has offered up to 14,000 pounds ($22,000) per share to a select number of Arsenal shareholders as he looks to up his stake in the Premier League club to 30 percent, a Red and White Holdings spokesman said.

Usmanov, who owns around 29.5 percent of the north London club through his Red & White vehicle, would not be required to make a formal takeover bid for Arsenal if he reaches the 30 percent mark due to a waiver in place with majority shareholder Stan Kroenke, a spokesman said.

American billionaire Kroenke agreed a deal with Arsenal's main shareholders and executive management in April to take over the club. He now controls 66.82 percent of Arsenal, according to its official website.  

($1 = 0.634 British Pounds)