American sports tycoon Stan Kroenke has edged closer to a takeover of Arsenal after he upped his stake in the club to 28.7%.

Kroenke is now just 1.2% short of the mark that triggers a mandatory takeover and is now the Gunners’ largest shareholder. Under Stock Exchange rules once Kroenke reaches the 29.9% threshold he must then make a formal offer to the other shareholders.

The American paid £680,000 for 80 shares, paying around £1,000 above the market price for each one.

In under a year Kroenke has more than doubled his stake in Arsenal and committed close to £100 million to increase his holding from 12.38%.

Kroenke is now considered to be winning the battle for control of Arsenal over Alisher Usmanov who holds 25% of the club. Much still depends though on Lady Nina Bracewell-Smith, who is the club’s third-biggest shareholder with 16.8%.