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Arsenal takeover in limbo
28/02/2008 21:18 - (SA)
London - Alisher Usmanov, the Russian metals billionaire behind leading Arsenal shareholder Red and White Holdings, said on Thursday that he had no plans to launch a takeover bid of the English Premier League leaders within the next six months.
Red and White's announcement came ahead of the end on Saturday of an initial six-month 'no takeover' bid under British company law rules, which was put in place when Usmanov announced his intention not to take full control of Arsenal back in August.
In a statement to the London Stock Exchange, Red and White said: "Red and White has the necessary funding to increase its stake further. However, it confirms that it will not acquire a shareholding in Arsenal which would trigger an obligation to make an offer for the shares in Arsenal."
Arsenal top die Premier League table
Earlier this month Red and White increased its stake in the north London club to over 24%, fractionally behind that held by longstanding majority shareholder Danny Fiszman.
But it has since announced plans to take a 25% 'blocking' stake.
A 30% holding would require Red and White to launch a formal takeover bid under Stock Exchange rules.
Red and White, whose chairperson is David Dein, the former Arsenal vice-chairperson, is owned by Usmanov and business associate Farhad Moshiri, a London-based investor.
Usmanov's interest in British football follows in the footsteps of oil billionaire Roman Abramovich, owner of Arsenal's capital rivals Chelsea.
Arsenal, who face Aston Villa this weekend, currently top the Premier League table by three points from champions Manchester United.
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