Alisher Usmanov, the Uzbek businessman, has increased his shareholding in Arsenal today after his investment company, Red and White Holdings Limited, raised their stake in the club by a further two per cent to 23 per cent.

The purchase, which was formally announced this morning, makes Usmanov's company the club's second-largest shareholder behind Danny Fiszman, who has 24 per cent. It is estimated to have cost the billionaire in the region of £6 million at around £10,000 a share.

Arsenal’s parent company earlier this week published highly impressive figures for 2006-2007, with overall turnover up to £200.8million and operating profit also making a huge leap to £51.2 million following the club’s move to their new 60,000-seater home at the Emirates Stadium.

Reports in the Russian media have quoted Usmanov as being ready to up his interest to obtain a "blocking stake" of just over 25 per cent before then waiting for the share price to rise.

Even though the board maintain they are not about to sell up and the current financial figures show there is no need for a wealthy individual backer, today’s announcement will continue to fuel speculation Usmanov is preparing to launch a hostile takeover.

Red and White Holdings were formed earlier this year when David Dein, the ex-Arsenal vice-chairman, sold his 14.58 per cent stake for £75 million to the Uzbek. At the time, Dein outlined his vision to turn Arsenal into “the world’s number one football club” and “work with others to provide the financial resources necessary to turn the vision into reality”.

Dein, a close ally of Arsene Wenger, the manager, had stepped down from the Arsenal board in April over a disagreement over the involvement of Stan Kroenke, an American billionaire, who himself holds a 12.19 per cent stake.

Suggestions of an imminent takeover or gaining major influence in the club’s affairs are, however, perhaps somewhat premature. The so-called blocking stake of 25 per cent would, according to Keith Edelman, the managing director, allow little actual influence over company affairs, only enabling the veto of special resolutions such as changing the name of the company, or calling an Emergency General Meeting, which could be resolved by the current board given their share holding at any rate.

“I am unsure what he [Usmanov] can do with 25 per cent, and I do not believe he can stop us operating the business on a day-to-day basis,” Edelman said on Monday. “Usmanov has a stake, Kroenke has a stake and we get on and run the business every day.

“It is a distraction for us to keep talking about it, but we are trying to focus on the team getting the job done and we do not think it affects them.”

Once any individual or company reaches the 30 per cent threshold, they would be required to launch an official takeover. However, this would not apply to Red and White Holdings Limited - of whom Dein is now the chairman - for at least six months after a public statement there was “no current intention to make a takeover offer”.

Suggestions that Kroenke would sell off his holding to the Uzbeks and so push Red and White Holdings well over the threshold have also been quelled by Edelman, who reflected the Takeover Panel would not allow such a move within the time frame under the strict regulations.

Peter Hill-Wood, the chairman, and the rest of the Arsenal board pledged to retain their current shareholding for at least one year after the controversial departure of Dein last April.

Hill-Wood, though, is sure the board will hold fast to their stance even when the self-imposed deadline passes early next year and there has been every indication that members could extend the deadline by another year.