Mystery surrounds the purchase of a number of Arsenal shares yesterday after Alisher Usmanov denied he had moved to take his shareholding in the club to more than 30 per cent.

Only 21 shares had been traded in Arsenal Holdings PLC this year but 20 — totalling £299,600 — were sold between 2.42pm and 4.25pm.

Usmanov requires just one share to increase his stake from 29.9 per cent to 30 — although this would largely be a symbolic figure after a change to the Premier League’s rules last year. Prior to that, a 30 per cent holding would give a shareholder access to all “material transactions” including transfer fees, wages and agents payments.

Yet yesterday’s purchases were not made by the majority shareholder, Stan Kroenke, Red and White Holdings Ltd (Usmanov’s investment vehicle) or Fanshare, a scheme which allows fans to buy shares.

Red and White are thought to be unlikely to spend more than £14,000 on a single share and yesterday’s purchases were all at between £14,950 and £15,000.

Yet Red and White are still thought to be keen to move over the 30 per cent threshold if the opportunity arises.