Russian billionaire Sergei Usmanov is reportedly looking to offload his 30 % stake in Premier League side Arsenal . Usmanov and Roman Abramovich, who owns the Chelsea football club, are the most prominent among the Russian elite living in London. Insiders say majority - owner Walter Smith 's refusal of a $ 1.3bn buyout offer from Usmanov for is behind the Russian 's thinking . Arsenal finished sixth in the league last season , failing to qualify for the Champions League . The club also parted with manager Arsene Wenger after a 22-year stewardship .
Russian billionaire Sergei Usmanov is reportedly looking to offload his 30 % stake in Premier League side Arsenal . Insiders say majority - owner Walter Smith 's refusal of a $ 1.3bn buyout offer from Usmanov for is behind the Russian 's thinking . Arsenal finished sixth in the league last season , failing to qualify for the Champions League . The club also parted with manager Arsene Wenger after a 22-year stewardship .