Alisher Usmanov increases Arsenal stake

Usmanov has refused to sell out to Stan Kroenke (GETTY IMAGES)

Alisher Usmanov has increased his shareholding in Arsenal beyond the 29 per cent mark.

The Uzbek billionaire is the second biggest shareholder in the club behind American Stan Kroenke, whose holding has increased to 66.1% amid a takeover bid.

Usmanov's Red and White Holdings company announced in a statement on the London Stock Exchange's Regulatory News Service: "Red & White Securities Limited ("Red & White") today announces that it now holds a stake of over 29% in Arsenal Holdings plc ("Arsenal")."