Russian buys Dein's Arsenal stake

Ex-Arsenal vice-chairman David Dein has sold his 14.5% stake in the club to a firm co-owned by a Russian billionaire.

The involvement of Alisher Usmanov, who paid £75m for the holding, adds to pressure on the club's board to give in to a takeover.

Mr Dein has been named chairman of the firm, Red & White Holdings, allowing him a way back into Arsenal.

He left the board after it failed to back his plan for the club to be taken over by American Stanley Kroenke.

Mr Kroenke, a US tycoon, has been linked with a potential takeover of Arsenal after building up a 12.19% stake in the club.

He was among the favourites to buy Mr Dein's shares.

'Best outcome'

Mr Usmanov's firm, Red & White Holdings, is co-owned by London-based investor Farhad Moshiri.

It said it wanted to up its stake in Arsenal over time, but it stressed there were no plans for an imminent increase in its holding.

Red & White said it felt it crucial that manager Arsene Wenger stayed at Arsenal as he was "vital to the future success of the club".

Mr Dein, a close ally of Mr Wenger, said the club needed people or consortia "prepared to invest previously unimaginable sums aimed at winning the game's biggest prizes".

He added was "delighted" to have found investors who shared his vision for the club.

"I have always had the best interests of Arsenal at heart. I've had a love affair with the club since I was six," he said.

"My ambition remains to play an active role in Arsenal again. My immediate intention is to work with others to provide the financial resources necessary to turn the vision into reality.

"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."

'Future development'

Mr Moshiri said the new investment would help it maximise the club's revenue streams.

"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," he said.

There has been a flurry of foreign investment in Premier League sides in recent years.

Russian oil billionaire Roman Abramovich bought Chelsea in 2003 while the champions, Manchester United, are owned by the American businessman Malcolm Glazer.

And in February the American sports entrepreneurs George Gillet and Tom Hicks took control of Liverpool.