Alisher Usmanov has increased his stake in Arsenal to 21 per cent.

The purchase, which was announced to the Stock Exchange on Tuesday morning, makes Usmanov's company the club's second-highest shareholder behind Danny Fiszman, who has 24%.

Usmanov, who formed the company alongside fellow investor Farhad Moshiri specifically to hold equity in the north London club, first bought into Arsenal when he paid former vice-chairman David Dein around £75million for his 14.65% holding in August.

Dein left the club in April over differences with the board over investment possibilities - with American businessman Stan Kroenke's potential involvement thought to be the main sticking point.

But Dein is the chairman of Red and White Holdings Ltd and looks certain to remain a key figure as the debate over the Gunners' future continues.

The club release their financial results on Monday, with the move to the Emirates Stadium expected to have helped them cut the gap between themselves and the likes of Manchester United and Chelsea.