Kroenke had accepted the offer to become a non-executive director in September last year as ties with his Kroenke Sports Enterprises group were strengthened.

The remainder of the Arsenal board who were subject to the 'lockdown agreement' gave their consent to the transaction, which was set at a price of £8,500 per share.

Fiszman is now left with some 10,025 shares, around 16.1% of the total capital of Arsenal's parent holding company.

The diamond dealer, however, maintains he has no intentions of off-loading any more of his stake in the Gunners.

"I am pleased that Stan Kroenke has made a further substantial commitment to the club by acquiring approximately a third of my holding," Fiszman said.

"Stan's long-term commitment to sport in general and football in particular has been well documented.

"I am therefore delighted that he has shown this desire to deepen his ties with Arsenal.

"I will of course continue to work for Arsenal with the best interests of the club at heart and have no intention of selling any more of my shareholding."

Kroenke firmly believes the club is heading in the right direction under the current set-up.

"After having been invited to join the board last year I am delighted to be able to increase my shareholding in Arsenal," he said.

"I will continue to work closely with my board colleagues to maintain the stable environment in which the club operates and to preserve the self-sustaining business model enjoyed by the club."

Arsenal chairman Peter Hill-Wood added: "Stan Kroenke has proved to be a valuable member of the board and I am pleased that he has demonstrated further commitment to the club by adding to his shareholding.

"Danny Fiszman remains a driving influence on the board and is fully committed to the club's long term future."

Arsenal's other overseas investor is Uzbekistan metals magnate Alisher Usmanov - whose Red & White Holdings group bought into Arsenal when he paid former vice-chairman David Dein around £75million for his 14.65% holding.

In February, Red & White increased their stake to 25%. Were that to reached 30%, then, under financial regulations, a formal takeover approach would have to be launched.

Meanwhile, Lady Nina Bracewell-Smith could be ready to listen to offers for some of her 15.9% holding, after she left the Arsenal board in December.

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Arsenal chief executive Ivan Gazidis maintains it is "business as usual" at the Premier League club.

He said: "On a day-to-day level, it has absolutely no impact at all.

"It is a transaction between two board members, both of whom believe in the self-sustaining philosophy of the club."

Gazidis added in an interview with Arsenal TV Online: "On the business side, we remain doing business just as we were yesterday.

"I remain focused on the business side, and on the playing side it is the same.

"Arsene Wenger and the players remain focused on the end of this season - we are in three important competitions and making some progress. We are hoping for a good end to the season."

The Arsenal Supporters Trust hold 3% of shares through their members, but represent a collective of small shareholders who have about 12%.

In a statement to PA Sport, the AST welcomed Kroenke's further investment and paid tribute to Fiszman.

"The fact that Stan Kroenke is already a member of the board at Arsenal should ensure that this change does not create any instability," the statement read.

"The AST has met with Stan Kroenke and visited his operations in Colorado. We were supportive of him joining the board and welcome the sporting and commercial expertise he brings to the club.

"If a sale had to take place we are reassured that it is to Stan."

The statement continued: We admire the work that Danny undertook in creating the Emirates and are pleased that he has said he intends to continue as a significant shareholder and playing a role in the future of Arsenal.

"The AST have asked to meet with Danny Fiszman to discuss with him how he envisages the club moving forward."