Stanley Kroenke today increased his stake in Arsenal to 28.7 per cent to leave the American businessman just 1.2 per cent away from an obligatory launch of a formal takeover.

Although this morning's shift is only small - Kroenke bought 80 shares at £8,500 each - it comes in the wake of Alisher Usmanov's embarrassment at the Gunners' encouraging financial figures.

The Russian tycoon, whose Red and White Holdings company is the second largest shareholder with 25 per cent and Kroenke's principle rival to attempt a takeover of the club, had voiced his concerns that manager Arsene Wenger had no funds and that a rights issue was necessary to raise money for players.

But the club's annual accounts released on Monday revealed the Frenchman has a significant war chest at his disposal, dealing a massive blow to Usmanov's credibility as a viable alternative to the present regime.

Any shareholder needs to reach a 29.9 per cent to trigger a takeover bid and with Usmanov's position undermined, Kroenke is in pole position and the Denver Nuggests basketball team owner's desire to reach that point now appears rock solid.