UPDATE 1-Russia's Usmanov raises Arsenal stake to over 29 pct

LONDON Mon Jun 20, 2011 1:18pm EDT

LONDON Jun 20 (Reuters) - Russian billionaire Alisher Usmanov has further increased his stake in Arsenal, one of Europe's leading soccer clubs, looking to strengthen his influence in the face of a takeover by rival investor Stan Kroenke.

Usmanov's Red & White vehicle, which he jointly owns along with business associate Farhad Moshiri, said on Monday it had raised its holding in Arsenal to over 29 percent from 28 percent previously.

In April, Kroenke agreed a deal with Arsenal's main shareholders and executive management to take over the club and acquire a majority shareholding in Arsenal. He now controls 67 percent of the shares.

(Reporting by Matt Scuffham; Editing by Sarah Young)

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