MOSCOW (AFP) - A company controlled by the Russian billionaire who partly owns English Premier League side Arsenal will sponsor Russian team team Dynamo Moscow, Dynamo's web site announced Wednesday.

Metalloinvest, owned by Alisher Usmanov, will sponsor the Russian first division side for a year, said club officials and Usmanov, the web site reported.

The club did not reveal details of the sponsorship deal but said its 2008 budget was 42 million dollars. News portal www.lenta.ru reported the deal was worth seven million dollars.

Closely associated with the KGB in Soviet times, Dynamo Moscow is one of Russia's most famous clubs but has had little success in post-Soviet times.

Usmanov, who owns just below 25 per cent of Arsenal through his company Red and White Holdings, was presented with a Dynamo top at a news conference Wednesday where he spoke of his love for the team.

"For me, Dynamo is a first love," said Usmanov, the club web site reported, "The first time I ended up at Dynamo stadium was in 1963 for the match between USSR and Brazil but unfortunately our team lost."

After Usmanov bought into Arsenal last year, he said he fell in love with English football in 1966 after they won the World Cup.

The deal is reminiscent of a sponsorship agreement between Roman Abramovich's company Sibneft with CSKA Moscow. The move allowed Abramovich to invest heavily in the club but avoid a conflict of interest because of his ownership of Chelsea football club.

UEFA regulations do not allow anyone to own more than one football club.