Russian businessman Usmanov increases his stake in Arsenal

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Billionaire Alisher Usmanov has increased his stake in Arsenal - five months after last buying shares in the club.

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.

Last October, the board of the club moved to ward off any takeover bids by extending an agreement that prevents board members selling shares to outside investors until April, 2009.

There is a further agreement that fellow board members have first option until October 2012.

Last August, Usmanov bought a 14.6 per cent stake in Arsenal for £75million from former vice-chairman Dein, who is now chairman of Red and White Holdings.