American tycoon Stan Kroenke has become the largest shareholder in Arsenal after increasing his stake to more than 28 per cent.
Kroenke, who joined the Gunners board last year, now has a bigger holding than Uzbekistani metals magnate Alisher Usmanov and is close to the 30 per cent threshold that would force him to make an offer for the remaining shares.
The Arsenal supporters' trust is pleased with the development, and a spokesman said: "Our position is that stability and plurality in ownership is to the benefit of Arsenal.
"New chief executive Ivan Gazidis has made a good impression and says he values our role and the importance of custodianship.
"We hope he will build relationships with all shareholders so that the club has stability off the pitch which is a vital ingredient for success on it."
Usmanov currently owns more than 25 per cent of the club through investment vehicle Red and White Holdings.