Alisher Usmanov, the Uzbek billionaire, says he has no immediate plans to buy Arsenal but has not ruled out launching a takeover bid at some stage in the future.

Red and White Holdings, which is joint-owned by Usmanov and Farhad Moshiri, his business partner, last week increased its stake in Arsenal to 23 per cent, making him the club's second largest shareholder behind Danny Fiszman, who has 24.11 per cent. Should he reach 29.9 per cent, he would be obliged to make an offer for the club.

"We want to have a large stake in Arsenal," said Usmanov in London today. "Up to now we have acquired 23 per cent, maybe we will have to increase that to 25 per cent. We have no intention of bidding for the club but this is business life and things can change. Something we may not be able to do today but we can maybe do tomorrow.

"I do not want to buy to sell. I want to be a shareholder in Arsenal. I have always been a fan of the club and I could see that, as well as getting immense pleasure from the investment, it could also be a useful addition to my portfolio."

He added he was not out to make a quick profit from the £120million he has already spent on his shares, saying: "I do not want to set any intentions other than those set by the shareholders."

However, Fiszman and fellow board members Peter Hill-Wood, Lady Nina Bracewell-Smith and Richard Carr have a so-called "lockdown agreement" not to sell their shares until April 2008 at the earliest and may extend that agreement.

Usmanov has had to contend with a number of allegations about his past and Arsenal chairman Peter Hill-Wood last week described his business background as “murky”.

The 54-year-old metals magnate hit back today, saying: “It is beyond my dignity to respond to the allegations. My father worked hard in the Uzbek judicial system and my mother was a wonderful human being.

“These people could not have brought up what one European politician called a gangster and racketeer. I will leave that one to his conscience.”

Arsenal’s directors continue to insist they will resist a takeover but, if Usmanov passes the 25 per cent mark, that will give him a blocking vote and allow him to veto certain decisions.

The club’s director shareholders Fiszman, Hill-Wood, Lady Nina Bracewell-Smith and Richard Carr have agreed to hold on to their stakes at least until April and may extend that agreement.

Despite the board steadfastly refusing to budge on their position, Arsenal nevertheless appear to be an attractive proposition for investors, the club having last week published its annual financial results to May 31 2007, which showed income had soared by 46 per cent to £200.8m, up from £137.2m a year before.