The latest manoeuvres in the boardroom battle at English soccer club Arsenal have seen American businessman Stan Kroenke overtake Russian billionaire Alisher Usmanov's shareholding.

Kroenke has spent US$61.04 million to take his shareholding in the club to 28.3 per cent, becoming the club's biggest shareholder for the first time. He steals that position from Usmanov, who spent US$5.4 million in February to secure an extra one percent of shares and take his shareholding to more than 25 per cent.

While the Arsenal board is not expected to welcome any form of full takeover bid from either man, the directors are believed to favour Kroenke's continued increase in control of shares and voting rights over Usmanov's attempts. That has led the Takeover Panel to investigate 'concern from other shareholders that Kroenke, an American billionaire sports-team owner, may be receiving preferential treatment in the buying of shares,' according to The Independent newspaper. The club has denied any wrongdoing, and confirmed it will cooperate fully with the authorities.

Kroenke's latest investment has seen him buy 4,839 shares from members of director Richard Carr's family. Arsenal chairman Peter Hill-Wood says Carr will remain a director of the club.

A statement from the Arsenal Supporters' Trust (AST), whose members hold about three percent of the club's equity, said: "The AST were the first shareholders at Arsenal to welcome Kroenke's initial investment. We have since established a good dialogue with him and this will continue. Our position is that stability and plurality in ownership is to the benefit of Arsenal. We hope he will build relationships with all shareholders so that club has stability off the pitch which is a vital ingredient for success on it."

Kroenke also owns the Colorado Rapids MLS franchise.