Stan Kroenke has moved closer towards launching a formal takeover bid for Arsenal Football Club (AFC) after further increasing his stake in the Premier League club.

It is the third time within a month that the US billionaire has strengthened his shareholding in the club, with the latest acquisition of 10 shares leaving him close to the 29.9 per cent threshold at which he must make a formal offer for all remaining shares. Steve Nash, a partner at London-based law firm Eversheds, said: "It is difficult to see what would be gained by triggering a mandatory offer and it is likely, therefore, that any offer would be made on a voluntary basis.

"However, as Mr Kroenke has acquired more than 10 per cent of the club in the previous 12 months, any such voluntary offer would also need to be made at not less than the highest price paid during that period."