Stan Kroenke will come under pressure to clarify his intentions at Arsenal’s annual meeting today.

The American has increased his stake substantially in recent months to a level that is a little short of that which would trigger a mandatory takeover bid, but he has never spoken about the reasons for investing about £160 million in the stock.

Arsenal’s promising start this season will probably ensure an upbeat tone to the meeting at the Emirates Stadium, in contrast to the confrontational atmosphere when shareholders previously had an opportunity to question the club, in May, after a fourth consecutive season without a trophy. Arsène Wenger, the manager, faced the barrage of hostile questions on that night, but he is likely to receive a standing ovation and presentation on his 60th birthday, two years after the club unveiled a bronze bust of the Frenchman.

Wenger has a tough job to fight off the threat from Manchester City to their Champions League qualification this season, leading some fans to question the club’s ability to deliver sufficient money to ensure that they can compete for honours. Arsenal made a £28 million profit on transfers in the summer, the third time in the past five years that Wenger has generated a surplus.

Ivan Gazidis, the chief executive, will be asked to explain the reasons for the low level of spending on players, compared with other top clubs, and why the board rejected a proposal to raise fresh transfer funding through a rights issue in July.

Arsenal’s financial results appear impressive, but they merely disguise that the club have received most of the commercial income early in deals, so the money is not available for the club to spend now. It puts pressure on Gazidis, who has revamped many departments, including the commercial team.

About 40 per cent of Arsenal’s match-day income is generated from the corporate boxes and premium seats, which has made the present economic climate more testing for the club because companies have cut spending on hospitality. There were fears that the redevelopment of Highbury, which has been costly in loan repayments, would not meet expectations, but they have been helped by an upturn in the property market.

But the real issues are off the pitch, where the battle for control appears to have been won by Kroenke. Peter Hill-Wood, the chairman, will face scrutiny after he said that he would “welcome” a takeover from Kroenke, having claimed that Arsenal did not want “his sort” when the American began buying shares in 2007.

Kroenke faced no questions when he attended his first annual meeting as a director a year ago, since when he has increased his holding from 12.19 per cent to 28.86 per cent to become the club’s largest stakeholder. He could easily purchase the 646 additional shares required to exceed the mark to make a formal offer for the club under Stock Exchange rules. He is expected to buy the 400 shares owned by the late Sir Ernest Harrison, a businessman — stock that will not be offered to any rival. Some analysts believe that Kroenke will stop short of launching a full takeover.

Kroenke has the support of Danny Fiszman, a director who holds 16.11 per cent, but to gain control of the club he will need the backing of small shareholders to obtain a stake above 50 per cent. The small stakeholders could be asked to choose between Kroenke and Alisher Usmanov, his rival.

The Uzbek-born billionaire, who will be represented by his lawyer today, has increased his holding to above 25 per cent and might hope to obtain the support of Lady Nina Bracewell-Smith, who holds 15.9 per cent of shares. Usmanov is unhappy that Kroenke has yet to pay £32 million of the £42.5 million for the 8 per cent stake he bought from Fiszman in March.

The takeover speculation has helped to push the share price to £8,750, above the price that Kroenke has paid privately recently. Yet many fans are unhappy that Kroenke and Usmanov have committed £200 million on shares in the past two years, yet none of the money has been invested in the team.

Power players

Stan Kroenke (28.86 per cent): The American is the largest stakeholder and has been perceived as the club’s saviour, without saying anything about his intentions. He owes nearly £50 million to Danny Fiszman and Richard Carr after share agreements.

Alisher Usmanov (25): Began buying shares rapidly at inflated prices, but missed his opportunity to launch a takeover after gaining fan support when the team were faltering.

Danny Fiszman (16.11): Kicked off the takeover speculation when he sold 659 shares at £5,975 each in 2007, unknowingly to Kroenke. He told fellow board members that he wanted to round down his holding to 15,000 shares. Moved to Switzerland.

Lady Nina Bracewell-Smith (15.9): Dismissed from the board in December, she has regained her directors’ box seats. Her stake could prove important if she sides with Usmanov.

Arsène Wenger (no holding): Perhaps the most significant player. As long as his team are performing, there will be little pressure from fans for a takeover from a rich benefactor. That could change if the side finish outside the top four or without a trophy.

Hill-Wood family (1.04).

Others (13.09)