Russian Billionaire Usmanov Becomes Arsenal's Second Biggest Shareholder

Russian billionaire Alisher Usmanov has increased his shares in English Premier League club Arsenal to 30 per cent to become the club's second biggest shareholder.

Usmanov bought the remaining shares from his business partner Farhad Moshiri after the Iranian purchased a 49.9% stake in fellow Premier League club Everton.

Usmanov now has 18,695 shares in the north London club.

American Stan Kroenke remains the club's largest shareholder with a 67 per cent stake.

Speaking to ESPN, the Russian tycoon said he was committed to the club and wants to contribute to their success.

"I am committed to Arsenal and I will proudly retain my holding as a long-term investment and my family to enjoy and benefit for generations to come," he said.

"I want the absolute best for Arsenal and am prepared to do whatever is necessary to ensure the success of the club."

According to the Forbes' rich-list, Usmanov has a combined wealth of £9.2billion.

In its financial results for the six months ended November 30, 2015, Arsenal revealed a turnover of £158.0 million, with a loss of £3.4 million.