Alisher Usmanov denied suggestions he has plans to sell Arsenal stake and bankroll Everton instead
Arsenal shareholder Alisher Usmanov has denied suggestions that he is considering selling his 30 per cent stake in the club.
Usmanov acted in response to speculation that he would offload his company Red and White Holdings' interest and instead plough his money into Everton, where long-term business partner Farhad Moshiri bought a 49 per cent stake earlier this year.
"Contrary to some speculative media reports, Red and White Holdings would like to state that Mr. Alisher Usmanov does not intend to sell his stake in Arsenal Holdings Plc ("Arsenal")," the company said.
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"Mr. Usmanov continues to be committed to Arsenal and considers his stake in the club as a long-term investment for his family and future generations."
Uzbekistan-born Russian national Usmanov, whose wealth was estimated at $13.4bn (£10.2bn) earlier this year, has been frustrated in his attempts to exert influence at Arsenal since his initial investment in 2007.
The 62-year-old is the north London club's second largest shareholder but has been denied a place on the board by the Stan Kroenke, Arsenal's American majority owner.
Moshiri partnered with Usmanov in Red and White Holdings to buy into Arsenal but sold his interest to him earlier this year and promptly used the proceeds to invest in Everton, where he is now considered the major powerbroker in a more ambitious era for the Merseyside club.
Rumours regarding Usmanov's possible exit come amid significant Arsenal supporter dissatisfaction at a perceived lack of ambition from the club's hierarchy, including long-serving manager Arsene Wenger – exacerbated by a 4-3 defeat to Liverpool on the opening weekend of the new Premier League season.