The battle for control of Arsenal intensified today when it emerged that Russian billionaire Alisher Usmanov has been secretly upping his stake all year.
A statement to the stockmarket revealed that Usmanov's Red and White Holdings now has more than 26.07 per cent of the shares in the club.
That takes him closer to Stan Kroenke's 29.9 per cent stake.
The Usmanov camp is believed to be increasingly frustrated with Kroenke's failure to make his intentions for Arsenal clear, particularly his refusal to talk at the club's AGM earlier this year. For his part, the American is said to be "unconcerned" by the Russian's latest move.
Kroenke is just shy of the 29.99 per cent threshold at which he would be obliged to make a full takeover bid for the rest of the shares under Stock Exchange rules. Usmanov's own plans have never been made clear either as he only has to declare when he has made a purchase after passing a percentage point.
Kroenke, in contrast, has to declare each time he buys shares as he is on the club's board. The American has worked hard to achieve his current position and feels that he has most of the key players at Arsenal on his side.
Chairman Peter Hill-Wood and director Danny Fiszman have both sold Kroenke shares but, significantly, neither side has made any inroads into the 15.9 per cent owned by Lady Nina Bracewell Smith.
Red and White last made a public disclosure of its position in February when it had 15,555 shares. It now owns 16,223 and Usmanov paid £9,200 a share for the latest batch of 61.
Boss Arsene Wenger insisted the latest development did not affect him and added today: "I don't want to interfere. It looks at the moment that there are two main people now fighting for ownership of the club."
