Source AP ©

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.