Source AP ©

Alisher Usmanov become the second largest shareholder in the Premier League soccer club

Russian billionaire Alisher Usmanov said Tuesday that his group has increased its stake in Arsenal to 21 percent, becoming the second largest shareholder in the Premier League soccer club.

The brief announcement to the stock exchange gave no indication of Usmanov's intentions toward the London club.

Usmanov, who formed Red and White Holdings with investor Farhad Moshiri as a vehicle to take a stake in Arsenal, acquired a 14.65 percent holding in August from the club's former vice chairman, David Dein.

Usmanov's company is now the second-highest shareholder behind Danny Fiszman, who holds a 24 percent stake.

Dein left Arsenal in April over differences with the board over investment possibilities. He then joined forced with Usmanov, and is chairman of Red and White Holdings.

Usmanov is involved in mining, telecoms and natural gas in Russia and was ranked 278th in Forbes magazine's list of the world's richest people in 2006. He also has a box at Arsenal's Emirates stadium.

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