Arsenal power struggle hots up as Alisher Usamanov raises his stakes

Alisher Usmanov, the Russian businessman, has increased his shareholding in Arsenal after his investment company Red and White Holdings Limited raised their stake in the club to 21 per cent.

The purchase, which was formally announced this morning, makes Usmanov's company the club's second-largest shareholder behind Danny Fiszman, who has 24 per cent.

Usmanov, who formed the company alongside fellow investor Farhad Moshiri specifically to hold equity in the north London club, first bought into Arsenal when he paid David Dein, the former vice-chairman, around £75 million for his 14.65 per cent holding in August.

Dein left the club in April after differences with the board over investment possibilities - with American businessman Stan Kroenke's potential involvement thought to be the main sticking point. But Dein is the chairman of Red and White Holdings Ltd and looks certain to remain a key figure as the debate over Arsenal's future continues.

Arsene Wenger, the manager, however, said he was unconcerned by the power struggle. “I am responsible for the results at the club and not for the rest,” said Wenger, who earlier this month agreed a new three-year deal with the club.

“People will buy and sell shares or not want to sell shares only if a club is doing well. My job is to make sure the club does well.

Wenger, who saw Dein as one of his closest allies, added: “I am not concerned about a Russian takeover I am concerned about tomorrow’s game [against Seville at the Emirates Stadium]. It will not disrupt anything.

“As we said many times, the shares are 50 per cent inside the board and 50 per cent outside the board. That will not change anything.”

When Usmanov first emerged as an investor, he announced his intention to continue a process of accumulating shares. He said at the time: "Arsenal as a business is undervalued. My aim is to steadily increase my package because I think the value of it will grow and will soon reach a higher level. The club has everything to achieve it."

While there is sure to be speculation about the Uzbekistan launching a full-scale takeover bid, the club's current board are already on record as being opposed to such a move. Keith Edelman, the managing director, insists the club are not in need of investment and that Wenger has ample funds to spend.

Meanwhile Fiszman, who is seen as the key to any takeover bid, has also given assurances to the Arsenal Supporters' Trust that he has no intention of selling his shares.

The club release their financial results on Monday, with the move to the Emirates Stadium expected to have helped them cut the gap between themselves and Manchester United and Chelsea.