Usmanov has upped his stake in Arsenal

Red and White Holdings Ltd, which is co-owned by Russian billionaire Alisher Usmanov and his business partner Farhad Moshiri, currently own 21 percent of English Arsenal's shares, making them the second largest investor in the club. Owning 24 percent interest in Arsenal puts Danny Fizman in the number one spot.

Arsenal chairman, Peter Hill-Wood, said major shareholders do not aim to sell their shares.

In August, Usmanov bought David Dein's 14.65 percent interesting the club for about GBP 75 million. Dein, who was vice chairman of the club, left in April because of differences with the board concerning investments and because of a possible involvement with Stan Kroenke, an American businessman.

Dein is now the chairman of Red and White Holdings and will certainly be involved with Arsenal's future.

"This is quite clearly a challenge to the board, which has said it's not going to sell," said BBC sports editor, Mihir Bose.

"They (the board of directors) have an agreement amongst themselves until next April; they are not going to sell and they do not need any foreign investment.

"David Dein believes Arsenal need more money, whereas the existing board says they have moved to a new stadium, they are doing very well, they are top of the league and they have got the best manager probably in the country, so why do they need any more money?"

Arsenal will release its financial results next Monday. The club hopes the move to Emirates Stadium will put the club on a par with English rivals Manchester United and Chelsea.

Hill-Wood said would speak to Usmanov about any proposals he may have for the club but is insistent the current board will not sell Arsenal.

"The major shareholders have no intention of selling and wouldn't welcome an offer," Hill-Wood told the BBC.

Source: euFootball.BIZ © Copyright 2006 - All rights reserved.