Kroenke increases Arsenal stake

Kroenke is close to triggering a formal takeover bid (GETTY IMAGES)

American billionaire Stan Kroenke has increased his share in Arsenal to 28.9 per cent.

The businessman, who joined the club's board in September last year, has purchased 90 additional shares at £8,500 each to add a further 0.2 per cent to his existing holding.

A club statement read: "Stan Kroenke has a beneficial interest in, and controls voting rights over, 17,957 ordinary shares in the Company - representing 28.9 per cent of the company's issued ordinary shares."

The Denver Nuggets basketball team owner is the Gunners' largest shareholder, with Uzbek businessman Alisher Usmanov also holding a share of more than 25 per cent.

If Kroenke reaches a 29.9 per cent threshold it will trigger a formal takeover bid.