The Russian oligarch paid £75 million to acquire a 14.6
per cent stake from former Arsenal vice-chairman David Dein in
August last year, and is currently the biggest shareholder in the
club with 24.9 per cent.
Usmanov would need to surpass his current holding to 30 per cent
if he wanted to launch a formal takeover bid and reports in this
morning's papers suggest he plans to convince avid Arsenal
supporter Lady Bracewell-Smith that selling to him would make the
club competitive in the transfer market and allay any financial
concerns.
Dein, still at odds with the Arsenal board of directors
following his departure from the club 15 months ago, cited for
"irreconcilable differences" after attempting to engineer a
different foreign takeover last April, is the figurehead of Mr
Usmanov's group of investors, Red & White Holdings.
It is thought the investment company could mount a takeover bid
in the coming months but the idea has been greeted with intense
hostility from the club's remaining share holders who would be
reluctant to give up their control in the club.
Usmanov, who made his estimated £4 billion fortune largely from
mining, would be able to provide manager Arsene Wenger with a
substantial amount of money to secure high-profile signings.
The club's current policy cap on wages has proved particularly
detrimental this summer in retaining the services of key players
such as Matthieu Flamini and Alexander Hleb, who left to AC Milan
and Barcelona respectively, while Emmanuel Adebayor stalls on a
renewed contract offer and greater involvement from Usmanov would
allow the strict controls of wage inflation at the club to be
relaxed.
Any prospective takeover would be sure to earn support from many
Arsenal fans who, despite initial concern and resistance, believe
the Russian' billionaire's considerable wealth would help
consolidate the club and give Wenger valuable transfer funds to
compete with the likes of Manchester United and Chelsea.
A month ago at the European Championships in Austria, Dein
warned the club's board that they are in danger of slipping out of
the Champions League places unless they sell to Red & White,
fearing failure to qualify for Europe's elite club competition
would threaten dire financial consequences.
Dein said: "It is a worry. I can see more investors coming in to
football. I can see Liverpool being sold, Spurs being sold. "We
want to help Arsenal. He [Usmanov] would change the whole dynamic
of the club. At Arsenal, something has to break."
Former Arsenal captain Frank McLintock, who led the north London
club to their famous League and FA Cup double in 1971, echoed
Dein's sentiments insisting Wenger must be given plenty of cash if
the club are to end their three-year trophy drought.
"There is a danger that the supporters could get impatient and
frustrated," he told the Sunday Mirror. "I can't see Arsenal
winning trophies until they change their approach to transfers.
It's difficult for supporters to come to terms with paying out so
much and yet seeing so little spent in the transfer market."
