Russian Alisher Usmanov has further increased his stake in Arsenal to 23 per cent.

The purchase is estimated to have cost the billionaire in the region of £6million at some £10,000 a share as his investment company Red and White Holdings Limited have upped their holding by around 2 per cent.

Arsenal's parent company earlier this week published impressive figures for 2006/2007, with overall turnover up to £200.8million at Emirates Stadium and operating profit also increased significantly to £51.2million following the club's move to their new 60,000-seater home.

The Gunners currently top the Premier League, and travel to West Ham on Saturday - but it is the recent activity on the stock markets which have grabbed the headlines.

Reports in the Russian media have quoted Usmanov as being ready to up his interest to obtain a 'blocking stake' of just over 25 per cent before then waiting for the share price to rise.

Even though the board maintain they are not about to sell up and the current financial figures show there is no need for a wealthy individual backer, the latest announcement will continue to fuel speculation Usmanov is preparing to launch a hostile takeover.

A statement read: "Red and White Holdings Limited ('Red & White') announces, in accordance with its intentions stated on the 30th August, that it has increased its shareholding and now holds a 23 per cent stake in Arsenal Holdings plc ('Arsenal')."