Russian snaps up Arsenal stake
David Dein today re-emerged as a central figure in Arsenal’s future by becoming the chairman of a company that has pledged to buy shares in the club. The Gunners’ former vice-chairman, who stepped down in May following a disagreement with the rest of the board over the merits of encouraging a wealthy American investor, sold his 14.58% stake for 75m to a company called Red and White.
Jointly owned by the Russian businessman Alisher Usmanov and Farhad Moshiri, a London-based investor, Red and White will still have Dein as its chairman. Funds have been committed to buy more Arsenal shares, although Dein insists there is no “current intention” to try to take over the entire club.
Red and White will seek a meeting with the Arsenal board and insist they are keen to keep the club’s current manager, Arsиne Wenger. “Today’s announcement marks a significant step towards realising the vision I share with thousands of fans at home and abroad of making Arsenal the world’s No1 football club,” said Dein.
“I have not lost my passion for the club; indeed, it is greater than ever. My ambition remains to play an active role in Arsenal again. My immediate intention is to work with others to provide the financial resources necessary to turn the vision of Arsenal as the world’s number one club into reality.”
Moshiri is a London-based fund manager and the chairman of Russian mining company, Metalloinvest. Usmanov, who has a box at Arsenal, is the majority shareholder of Metalloinvest and has media and telecoms holdings that include Russia’s largest business newspaper and investment in a mobile phone company. He had his fortunes valued by Forbes magazine last year at 2.6bn, making him the 278th richest person in the world.
Dein left Arsenal in April because of what he saw as a lack of ambition. Thierry Henry followed him out of the door at the end of the season, with his departure to Barcelona believed to have been influenced by Dein’s exit.
Many Arsenal fans have expressed misgivings about the club going into foreign ownership. However, the idea of their traditionally low-spending club being backed by a Russian billionaire, as with Roman Abramovich at Chelsea, could soon change some minds.
