Alisher Usmanov has increased his shareholding in Arsenal beyond the 29% mark.
The Uzbek billionaire is the second biggest shareholder in the club behind American Stan Kroenke, whose holding has increased to 66.1% amid a takeover bid.
Kroenke made an initial takeover move for Arsenal in April when he bought the stakes of the late Danny Fiszman and Lady Nina Bracewell-Smith for around £234m.
The Barclays Premier League have since approved the move, prompting Kroenke to give the club's remaining shareholders 14 days' notice on his offer to own 100%.
However, Usmanov and the Arsenal Supporters' Trust have refused to sell their shares to Kroenke.
Usmanov's Red and White Holdings company announced in a statement on the London Stock Exchange's Regulatory News Service: "Red & White Securities Limited ("Red & White") today announces that it now holds a stake of over 29% in Arsenal Holdings plc ("Arsenal")."
Usmanov bought into Arsenal in August 2007, when he paid former vice-chairman David Dein about £75m for his 14.65% stake, while he increased it to around 26% in 2009.
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