The Russians are coming: Usmanov ups his Arsenal stake to 21 per cent

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

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Friends in high places: Usmanov with Russian President Vladimir Putin

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 per cent 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.

When Usmanov first emerged as an investor, he announced his intention to continue a process of accumulating shares - something he now appears to be making good on.

He said at the time: "Arsenal as a business is undervalued. My aim is to steadily increase my package because I think the value of it will grow and will soon reach a higher level. The club has everything to achieve it."

And while there is sure to be speculation about the Uzbekistan launching a full-scale takeover bid, the club's current board are already on record as being opposed to such a move.

Managing director Keith Edelman insists the club are not in need of investment and that manager Arsene Wenger has ample funds to spend.

Meanwhile Fiszman, who is seen as the key to any takeover bid, has also given assurances to the Arsenal Supporters' Trust that he has not intention of selling his shares.