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. Last Updated: 07/27/2016

Usmanov Buys 15% Stake in Arsenal

A consortium led by billionaire Alisher Usmanov has bought a 14.58 percent stake in London football club Arsenal for ?75 million ($151 million) from the club's former chairman, David Dein.

Red and White Holdings, an investment company owned by Usmanov and London-based fund manager Farhad Moshiri, said in a statement Thursday it had paid for the stake and appointed Dein as the company's chairman.

Red and White said it had "committed funds" to enable it to increase its stake in Arsenal. "However, Red and White confirms that it has no current intention to make a takeover offer for Arsenal or to acquire a shareholding in Arsenal which would trigger an obligation to make a takeover offer for Arsenal," the statement said.

Moshiri is chairman of Usmanov's Metalloinvest holding. A spokeswoman for Metalloinvest said she could not immediately comment.