Kroenke increases Arsenal holding

Mr Kroenke also owns a number of US sports clubs

Arsenal director Stan Kroenke has moved a step closer to the threshold where he would have to make an offer for the entire stockholding of the club.

The US billionaire has bought a further 10 shares at £8,500 each, with his shareholding standing at 28.9%.

Mr Kroenke is the club's largest shareholder, ahead of Uzbeki tycoon Alisher Usmanov, who holds a 24% stake.

Mr Kroenke is nearing the 29.99% threshold that would force him to make an offer for the remaining shares.

Shares 'tightly held'

Mr Kroenke, who owns the NBA's Denver Nuggets, has been gradually increasing his stake in Arsenal this year through a number of different share purchases.

"It looks like he is just picking up shares as they become available," says Harry Philp, managing director at sports financers and advisers Hermes Sports Partners.

"Because the shares are so tightly held by a group of four major shareholders they are not widely available for purchase."

As well as Mr Kroenke, the other major shareholders are Mr Usmanov, Danny Fiszman, and Lady Bracewell-Smith.

According to the Arsenal Supporters' Trust roughly 13% of the club's are held by small shareholders.

Mr Philp said at this stage it was not possible to tell if Mr Kroenke intended to move towards a takeover or was looking to buy shares to obtain a longer-term investment value from them.