Arsenal at war: Gunners board vow to block billionaire Usmanov

Arsenal directors are close to tying up a new lockdown agreement pledging not to sell their shares for five years.

The move follows today's decision by billionaire Alisher Usmanov to buy another two per cent of the club, raising his stake to 23 per cent.

As the takeover battle hots up, leading shareholder Danny Fiszman is determined to keep Arsenal out of the Russian's hands.

The diamond dealer — along with fellow board members Lady Nina Bracewell- Smith, Richard Carr and Peter Hill-Wood — has already pledged not to sell any shares before next April, but the new "lockdown" is far more significant.

The quartet, who control 45 per cent of Arsenal shares, believe their stance will be supported by at least seven per cent of other shareholders in the event of any formal takeover offer.

As a result, provided the directors and their friends stick to the new agreement, Usmanov would have to wait until at least 2012 to gain control of the club.

A source said: "The board enjoy running Arsenal and are determined to take the club forward."

The new pledge by the board may be a blow to Usmanov but it is unlikely to dissuade him. His Red and White Holdings company — chaired by former Arsenal vice-chairman David Dein — today announced their latest two per cent purchase which is believed to have cost around £6m.

Usmanov's move has already antagonised the club with chairman Hill-Wood talking of the metals tycoon's "murky business" dealings and today manager Arsene Wenger issued a fresh warning about the dangers of foreign ownership.

The Frenchman fears the consequences if tycoons continue to buy clubs and burden them with heavy debts.

He said: "What disturbs me, it is that a club lives above its means. The true danger today is that people who buy large clubs refinance their purchase by borrowing money, by putting the debt on the account of the club English football is in danger of losing its heart a little bit."