Arsenal’s takeover bid heats up

Alisher Usmanov has increased his stake in Arsenal to more than 26 percent as the Russian billionaire remains locked in a battle for control of the Premier League Club with American businessman, Stan Kroenke.



Kroenke remains the largest shareholder and has been steadily increasing his holding in recent months to 29.9 percent, just short of the 30 percent threshold when he would be required to make an offer for the remainder of the shares.



However, Arsenal announced today to London\'s Plus Market that Usmanov, through investment vehicle Red and White Holdings had taken his stake from 15,555 shares, representing just over 25 percent of the club to 16,223.



While attention has been focused on Kroenke\'s potential purchase of Arsenal in recent months, Usmanov has been buying shares on the open market.



Kroenke has largely been buying shares from fellow Directors.



Usmanov is yet to be invited onto Arsenal\'s Board of Directors, which earlier this year rejected his proposals to raise 60 million pounds through a rights issue to strengthen the squad and reduce the club\'s debt.