Stan Kroenke, the billionaire businessman behind the group which owns a number of US sports teams, has increased his stake in Arsenal Football Club (AFC) to 28.7 per cent.

Earlier this year, Kroenke strengthened his position on the board of directors with a 20.5 per cent stake in the London-based Premier League club after acquiring 5,000 shares from Danny Fiszman in a deal worth £42.5m. However, the businessman has now increased his stake by a further 8.2 per cent after purchasing 80 ordinary shares for £680,000, fuelling rumours that he may be seeking to launch a takeover bid.

Kroenke's company, Kroenke Sports Enterprises, currently owns the Denver Nuggets basketball franchise, the Colorado Avalanche ice hockey team and the Major League Soccer club, Colorado Rapids.