Dein sells Arsenal stake

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Former Arsenal vice-chairman David Dein today sold his 14.5 per cent stake in the club to a firm co-owned by a Russian billionaire.

Dein has sold his share to Alisher Usmanov's company Red & White Holdings for £75 million.

He has also been made chairman of the Russian's company, which could mean that he will find himself back in the Arsenal boardroom after leaving in April.

The 63-year-old, who was instrumental in bringing manager Arsene Wenger to Arsenal, left the club after falling out with board members over a proposed takeover by American Stanley Kroenke.

"I have always had the best interests of Arsenal at heart - I've had a love affair with the club since I was six," said Dein in a statement to the stock exchange.

"I firmly believe that the involvement of Red & White with a significant stake and the long-term commitment of Arsene Wenger are absolutely the best outcome for the club, fans and shareholders alike.

"I am delighted to have found, in Farhad Moshiri and Alisher Usmanov, individuals who share my vision for Arsenal and of where it needs to go to be the world's leading football club."

Moshiri is a London-based investor and is the co-owner of Red & White Holdings. He has tonight confirmed that his company will be looking to increase their stake in the club in the future.

"Arsenal is a great club with huge potential and we look forward to increasing our stake and exploring ways to help support the future development of the club for the benefit of all fans and shareholders," Moshiri said.
© Adfero Ltd
30 August 2007 21:33 GMT

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