Russian businessman Alisher Usmanov has increased his shareholding in Arsenal after his investment company Red and White Holdings Limited raised their stake in the club to 21 per cent.

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

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.