David Dein last night paved the way for a hostile takeover of Arsenal by selling his shares to a new investment company, of which he has been made chairman, and declaring his intention to play an active role in shaping the club’s future. The former Arsenal vice-chairman received £75 million for his 14.58 per cent shareholding from Red and White Holdings Ltd, owned by the businessmen Alisher Usmanov and Farhad Moshiri, but the sale seems certain to be only the first move in a battle for control of the club.

Dein left Arsenal last April after “irreconcilable differences” with the board based on his desire to attract more foreign investment to the club, particularly from Stan Kroenke, though he always planned to return.

While distancing himself from the American billionaire in public, Dein is in close contact with Kroenke, who has a 12.19 per cent shareholding, and it seems he may be planning to work with him to build towards the 29.9 per cent needed to trigger a mandatory takeover bid, though he insisted that there is “no current intention to make a takeover offer”.

The club responded with predictable bullishness last night, Keith Edelman, the managing director, claiming that Dein’s move “changes nothing”. Edelman said: “The club is in a very strong position financially. We realise David has sold his shares to Red and White . . . but don’t believe it changes anything for Arsenal FC. The current shareholders on the board control over 45 per cent of shares and we believe the way the club is being run and the financial strength of the club will come through.”

In his first public statement since his acrimonious departure from the club, Dein said: “My ambition remains to play an active role in Arsenal again. My immediate intention is to work with others to provide the financial resources necessary to fulfil the vision of Arsenal as the world’s No 1 club.”

It is understood that Dein initially approached Kroenke about buying his shares outright but was turned down. While searching for new investors, he was introduced to Usmanov and Moshiri by a third party. The deal was brokered by Keith Harris, the former Football League chairman, of the investment bank Seymour Pierce, who also played a crucial role in the recent takeovers of Aston Villa, West Ham United and Manchester City.

Although officially equal partners, it is understood that the bulk of the £75 million has been provided by

Usmanov, one of Russia’s leading businessmen, who made the bulk of his £2.8 billion fortune in the steel industry. The 53-year-old is based in Moscow and is an associate of Roman Abramovich, who has taken him to several Chelsea matches at Stamford Bridge but owns an executive box at the Emirates Stadium. Moshiri is a London-based fund manager involved in Russian gas and mining companies.

Dein insists that both men are genuine fans who have the financial muscle to propel Arsenal to the top of European football. He fears that the club will falter without further investment and has shared such concerns with Arsène Wenger, the manager, who has been kept fully informed of his plans. “I want Arsenal to be No 1, but without new investors I fear very soon Arsenal might not be able to compete successfully at the very top level despite the fantastic work of Arsène Wenger,” Dein said.

Dein’s return was welcomed by Arsenal Supporters’ Trust, who represent 2 to 3 per cent of small shareholders, but represents a blow to the board, which is determined to maintain the present ownership structure.