Arsenal's start to the season has won them plaudits aplenty, but not all the admiration is welcomed by the current board - notably that of the Uzbek billionaire Alisher Usmanov, who yesterday became the club's second largest shareholder by raising his stake from 21 per cent to 24 per cent.

That increases the likelihood of a return to the Arsenal board for David Dein, who became the chairman of Usmanov's Red and White Holdings last month after selling his 14.58 per cent share in the club. Dein ended his 24-year directorship at Arsenal in April after falling out with the other board members, who, unlike him, were adamant the club neither needed nor wanted a foreign benefactor. The chairman, Peter Hill-Wood, recently suggested he would never work again with Dein.

Figures released this week will have bolstered the board's belief that Arsenal's future looks sweet enough without any sugar daddy; overall turnover having risen to €288.1 million and operating profit jumping to €73.5 million following the club's move to the 60,000-seat Emirates Stadium. That makes them the second-richest club in the world behind Real Madrid and an even more attractive takeover target.

Usmanov's immediate intention is to secure a "blocking stake" of 25 per cent. This would entitle him to veto special resolutions and call extraordinary general meetings, but, according to the managing director, Keith Edelman, would not enable him to "stop us operating the business on a day-to-day basis". If he were to increase his stake to 30 per cent, he would have to launch a takeover bid within six months. Arsenal's board members, who between them hold 45 per cent, have already pledged not to sell any of their shares until next April at least.

The manager, Arsene Wenger, was quoted as saying the arrival of foreign businessmen into the Premier League was "eroding English football's soul", but he now claims this was a mistranslation of a comment made in French. "It's not who takes over that's important, but what the purpose of their investment is," he said yesterday before wondering aloud: "Do they want to take care of the English qualities that have been a tradition here for 130 years?" Asked if he would be more amenable to a takeover bid from Usmanov than from the American billionaire Stan Kroenke, who was believed to be preparing a bid with Dein earlier this year, Wenger opted for diplomacy. "The team's job is to play well on the pitch to please the owner, whoever he is."

Today that means beating West Ham, whose attack will be led by a player Wenger admires - and once tried to sign. "I like Dean Ashton very much," he said. "He's very intelligent, uses his body well and is very good in the air. He played against us in the Youth Cup when he was at Crewe and he was outstanding. When we were looking for someone to give us something different and make us less predictable, we inquired about him but Crewe wouldn't sell because they said there was some gentleman's agreement with Liverpool, whereby they'd be the only Premier League club he'd go to. We were a bit surprised when he then went to Norwich."

Meanwhile, Alex Ferguson has given Avram Grant a show of support by insisting that Chelsea are still equipped to challenge for the title but, in the wake of Jose Mourinho's departure, the Manchester United manager appears to have identified Arsenal as the most credible rival to his own side.

While believing that Chelsea could recover from the loss of Mourinho, Ferguson feels that the major threat from London is likely to come from the Emirates Stadium. Arsenal are the early pacesetters at the top of the Premier League, having won five of their opening six games, and Ferguson has been impressed by the slick manner in which Arsene Wenger's team have taken apart their opponents.

"They have started the season well and their form is very good," said Ferguson. "They have produced some very good performances and, in doing so, they have laid down a marker."

Arsenal's impressive start to the season, leaving them two points ahead of United with a game in hand, means Ferguson's main rivalry in English football is likely to revert to being with Wenger.