Usmanov looks to increase Arsenal stake

Russian billionaire Alisher Usmanov has offered up to 14,000 pounds per share to a select number of Arsenal shareholders as he looks to up his stake in the Premier League club to 30 percent, a Red and White Holdings spokesman said.

Usmanov, who owns around 29.5 percent of the North London club through his Red & White vehicle, would not be required to make a formal takeover bid for Arsenal if he reaches the 30 percent mark due to a waiver in place with majority shareholder Stan Kroenke, a spokesman said.

American billionaire Kroenke agreed a deal with Arsenal's main shareholders and executive management in April to take over the club. He now controls 66.82 percent of Arsenal, according to its official website.