Alisher Usmanov today confirmed he plans to reject Stan Kroenke's offer to sell his shares in Arsenal and revealed his "love" for the club will ensure he remains a long-term investor.
As Standard Sport revealed yesterday, Usmanov's Red and White Holdings is keen to seek greater influence at the Gunners despite rival shareholder Kroenke triggering a mandatory takeover offer after increasing his stake above the 30 per cent trigger mark.
Usmanov does not hold a seat on the board and it remains to be seen if relations improve between the pair to the extent Kroenke allows the Uzbeki billionaire increased prominence in the running of the club.
With a 27 per cent stake, Usmanov can block any major capital restructuring of the club he deems not in his interests. That is because such a move requires 75 per cent approval and Kroenke's holding stands at 62.89 per cent after agreeing deals to purchase shares from Danny Fiszman, Lady Nina Bracewell-Smith and other key board members, including chairman Peter Hill-Wood.
There were fears Usmanov could become a disruptive influence after being blindsided by Kroenke's move last weekend - instigated by Fiszman's deteriorating health as he battles cancer - but such hostility appears unlikely after comments he made to Bloomberg.
"I am not going to sell my stake. I love Arsenal, that's why I am a shareholder," Usmanov said.
Usmanov, worth an estimated £11billion, first acquired Arsenal shares in 2007 after purchasing the stake of former vice-chairman David Dein.
