Usmanov’s holding company, Red and White Holdings now have a 21 per cent stake, while Danny Fizman has the largest stake, holding 24 per cent.
Last week, Arsenal chairman Peter Hill-Wood said the club’s major shareholders have no intention of selling their stakes.
Usmanov and his business partner Farhad Moshri bought a 14.65 per cent stake in the club from former vice-chairman, David Dein, in August.
Dein left the club earlier this year, but now he is the chairman of Red and White holdings and is set to remain an influential figure in the future of the club.
"This is quite clearly a challenge to the board, which has said it's not going to sell. They (the board of directors) have an agreement amongst themselves until next April - they are not going to sell and they do not need any foreign investment,” commented BBC sports editor Mihir Bose.
"David Dein believes Arsenal need more money whereas the existing board says they have moved to a new stadium, they are doing very well, they are top of the league and they have got the best manager probably in the country, so why do they need any more money?” Bose added.
Arsenal chairman Hill-Wood has said he would to talk to Usmanov about any of his proposals for the club, but is adamant the current board will not sell.
