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Arsenal supporters are fearful for the future of their club after Stan Kroenke, the American sports mogul, increased his stakeholding to 29.6 per cent — just short of the threshold for an obligatory takeover of 29.9 per cent.

Kroenke yesterday purchased another 427 shares in the parent company of the North London club from the estate of Ernest Harrison, a British industrialist, at a cost of £3.6 million.

Yet while it is thought unlikely that Kroenke will launch a full takeover, not least because of the prohibitive cost to him of about £460 million, the respected Arsenal Supporters’ Trust (AST) has warned him against further share investment.

Many fans feel that any debt-led acquisition, as in the cases of Manchester United and Liverpool by other billionaire Americans, would prove a retrograde step. “It’s been a disaster for clubs over here,” a supporters’ group source said last night.

Although members of the AST have visited Kroenke in the United States and spoken with the publicity-shy businessman, it is concerned about him crossing the “finishing line”.

“Arsenal is too important to be owned by any one person,” the AST said in a statement. “When Stan Kroenke first invested in Arsenal, the AST sought a dialogue with him and visited Denver to inspect some of his other sporting operations. We saw first hand the sports marketing and property development expertise he could offer and successfully called upon the club to invite him to join the board.

“Yet whilst the AST welcome Kroenke’s involvement, we agree with the sentiment of the statement of Peter Hill-Wood \ at the most recent AGM that there is no need for any shareholder to launch a takeover of the club. The AST believes in plurality of ownership. If a takeover is launched by any party, we would seek urgent discussions with those involved.

“The AST has a good relationship with both Stan Kroenke and members of his team at Kroenke Sports Enterprises \. We have stressed to them the importance of custodianship and that the club will be stronger if it has supporters directly involved in its ownership model. While we cannot vouch for their future actions, we are encouraged that they have said they see the AST having an important role to play at Arsenal.”

Kroenke, who owns the Denver Nuggets basketball team and Colorado Rapids football team, attended the club’s annual meeting nearly two weeks ago but lived up to his nickname of “Silent Stan”. He declined the opportunity to introduce himself by making a speech, though he did later talk to some fans.

His silence may not have been a surprise after Hill-Wood had been slapped on the wrist by the Takeover Panel the previous week, when he said that he would “welcome” a takeover from Kroenke. Any public statements against future bid intentions must be unambiguous, otherwise the individual or group would be prevented, under the Takeover Panel’s rule 2.8, from making a formal move for six months.

Hill-Wood said at the annual meeting: “I don’t think we are looking for a change of custodian. The club is in good hands. I believe he is happy as a long-term shareholder of the club. He sees it as a good investment and I agree with him.”

Arsène Wenger, the Arsenal manager, was also cool on the potential for a takeover but more because of his languid Gallic manner than any nagging concern about his or the club’s future. The Frenchman said: “As long as I am not told I have to change the way I see the vision for the club on the technical side, as long as nobody interferes with that, I do not see what kind of impact it could have on me.

“I believe I have shown I can manage a club on the technical side — and I have that guarantee at the club, no matter who the owner will be. Frankly, I have no fear. As long as that is respected, I am not involved in the rest. I am paid to produce a decent football team.”