Arsenal sells 5 per cent stake to Granada

Arsenal has sold a 5 per cet stake in the club to Granada Media for £47 million. The investment was described as an "initial" stake.

Arsenal has sold a 5 per cet stake in the club to Granada Media for £47 million. The investment was described as an "initial" stake.

Much of the sum will be used to finance a new 60,000 capacity stadium near their present stadium at Highbury.

It means that Arsenal has become the latest Premiership football club to sign up with a major media player in the hope of developing as a worldwide brand.

Granada Media already has similar links with Manchester United and Liverpool.

The partnership will strive to increase revenues from broadcasting rights over television and the Internet.