(CNN) -- American billionaire Stan Kroenke has increased his share in English Premier League club Arsenal to 28.9 per cent.
Kroenke is edging closer to triggering a formal takeover bid for Premier League club Arsenal.
The businessman, who joined the club's board in September last year, has purchased 90 additional shares at £8,500 ($13,800) each to add a further 0.2 per cent to his existing holding.
An official club statement read: "Stan Kroenke has a beneficial interest in, and controls voting rights over, 17,957 ordinary shares in the Company, representing 28.9 per cent of the company's issued ordinary shares."
The Denver Nuggets basketball team owner is the Gunners' largest shareholder, with Uzbek businessman Alisher Usmanov also holding a share of more than 25 per cent. Watch CNN's interview with Carson Yeung »
If Kroenke reaches a 29.9 per cent threshold it will trigger a formal takeover bid for the club.
Meanwhile, New Birmingham City owner Carson Yeung has pledged to spend up to £40 million ($65m) on new players during the January transfer window.
Yeung made the announcement as he was officially unveiled as the new owner at St Andrew's after completing his £81.5million takeover of the Premier League club.
And the Hong Kong businessman has also given his support to manager Alex McLeish -- saying he will work closely with him to make City "as big as possible".
Yeung told a news conference: "What is the target for Birmingham? Maybe 10th or ninth this season, maybe better next season, not to be a yo-yo club anymore.
"Our aim is to work hard to secure our position in the Premier League, not only for this year but for many years to come.
"It's a long, long target but we hope Birmingham can become one of the best clubs in Europe. Let's take it step by step -- but why not? We want to be as big as possible and competitors for neighbors Aston Villa."