Usmanov ups stake in Arsenal despite Kroenke deal
Russian investor Alisher Usmanov has increased his stake in Arsenal despite American sports tycoon Stan Kroenke mounting a full takeover bid after securing a controlling stake in the Premier League club.
Underlining his vow not to sell his stake to Kroenke, Usmanov spent 70,950 pounds ($115,600) on six shares to hold 27 percent in the club.
The announcement came a week after Kroenke announced that his stake would rise from 29.9 percent to 62.89 percent after agreeing to buy shares from Nina Bracewell-Smith and Danny Fiszman, who died from cancer last week.
By going over the 30 percent threshold, Kroenke, who is already an Arsenal director, was obliged to make an offer for the remaining shares. The takeover values the club at 731 million pounds ($1.2 billion).
Usmanov, who is not on the board, owns his stake through Red and White Holdings, which is controlled jointly with Farhad Moshiri.
On Monday, Usmanov bought three shares at 11,7500 pounds each and another three at 11,900 pounds each. Red and White Holdings didn't say where Usmanov bought the shares from.
Arsenal is second in the Premier League.