On the eve of the Gunners' FA Cup tie with Manchester United, Red and White Holdings, the Russian businessman's investment vehicle, announced it now holds more than 24 per cent in Arsenal Holdings PLC.

Usmanov's group has held 23 per cent since last September, which made it the second biggest individual shareholder behind Danny Fiszman, who has 24.11 per cent.

Under London Stock Exchange rules, Red and White would be required to launch a takeover for the club once it has 30 per cent of the shares.

The company, jointly owned by Usmanov and Iran-born Farhad Moshiri, has been gradually increasing its stake in the club but received a frosty reception from Arsenal's board, who have said they do not need a billionaire backer.