Source AP ©

Russian billionaire plans to buy blocking stake in English Arsenal

World
Russian billionaire plans to buy blocking stake in English Arsenal
Russian billionaire plans to buy blocking stake in English Arsenal

Russian billionaire Alisher Usmanov intends to buy a blocking stake in English soccer club Arsenal.

"I want to take a blocking stake and then wait for its price to rise," Usmanov said Friday on Ekho Moskvy radio.

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

He then increased his stake in Arsenal to 21 percent on Tuesday, becoming Arsenal's second largest shareholder.