Russian businessman Alisher Usmanov has taken his stake in Arsenal over 29 percent, increasing his holdings by another percent despite American sports tycoon Stan Kroenke having taken control of the club.
Kroenke owns 66.64 percent after mostly buying shares from fellow directors and is yet to invite Usmanov onto his board of directors.
Usmanov owns his shares through Arsenal investment vehicle Red & White Holdings, which is jointly controlled with business associate Farhad Moshiri. It announced the latest purchase on London's Plus Market on Monday.
Arsenal in May ended a sixth successive season without a trophy.
Kroenke also owns the NFL's St. Louis Rams, the NBA's Denver Nuggets, the NHL's Colorado Avalanche and Major League Soccer's Colorado Rapids.