|
Dein sells Arsenal shares for 75m pounds
Dein sells Arsenal shares for 75m pounds
Friday August 31, 2007
Former Arsenal vice-chairman David Dein sold his 14.58 percent stake in the Premier League club to Russian billionaire Alisher Usmanov for 75 million pounds on Thursday.
Usmanov owns Red and White Holdings, a company set up with London-based investor Farhad Moshiri specifically to invest in Arsenal, and Dein will become chairman of the group.
Dein will head up the Red and White company's attempts to increase their stake in the Gunners, but the firm insist they have no immediate plans to mount a takeover.
Dein admitted he had been offered the chance to work for other clubs, but the lure of returning to Arsenal was too strong to resist.
"I have not lost my passion for the club; indeed, it is greater than ever," he said.
"I have been flattered by the generous offers I have received since April to work with other clubs, both in England and elsewhere. But there is only one club for David Dein and that is Arsenal."
Dein was forced off Arsenal's board in April after falling out with his fellow directors over their failure to support his plan to back a takeover by American businessman Stanley Kroenke.
But Dein, who bought his initial 16 per cent stake for just 300,000 pounds, was always expected to try to return to the Emirates Stadium.
He is close friends with coach Arsene Wenger and the Arsenal manager was extremely unhappy with the manner of Dein's departure.
Wenger's present contract expires at the end of this season and he is yet to sign a new deal, but Dein's renewed involvement may well persuade him to extend his stay.
Dein is convinced Arsenal need a significant injection of capital, regardless of the nationality of the investor, to compete with Chelsea and Manchester United for the game's top honours.
"My ambition remains to play an active role in Arsenal again," he said. "My immediate intention is to work with others to provide the financial resources necessary to turn the vision into reality.
"To provide these financial resources, Arsenal need new investors. The reality is that football is changing dramatically. A growing number of clubs are being funded by individuals or consortia that are prepared to invest previously unimaginable sums aimed at winning the game's biggest prizes.
"I believe the board should welcome non-British involvement given the wealth of nationalities responsible for Arsenal's success on the pitch, including its manager.
"Without new investors, I feel very soon Arsenal might not be able to compete successfully at the very top level, despite the fantastic work of Arsene Wenger.
"I have maintained my close friendship with Arsene. I believe our professional partnership over many years was highly successful and beneficial for the club we both love.
"I hope it can be resumed. Meanwhile, I want Arsene to continue as manager and, indeed, I have encouraged him to sign a new contract."
Arsenal managing director Keith Edelman has warned Dein's group that the board believes the club is in a strong enough position to do without further investment.
Edelman said: "The board's position remains that the club financially is incredibly strong. The move to the Emirates Stadium has improved the standing of the club dramatically.
"We don't believe we need outside investment, we have adequate resources for Arsene to add to the squad.
"It's not in our hands if there is a takeover attempt. It's difficult to see how a new investor could add more to the club, but David is free to do what he wants."
Usmanov, who hold an executive box at Arsenal, is the majority shareholder of Russian mining company Metalloinvest and has media and telecoms holdings that include Russia's largest business newspaper and investment in a mobile phone company.
Moshiri is a long-time business associate of Usmanov and chairman of Metalloinvest.
AFP
|
