Stan Kroenke has bought another eight per cent of shares to increase his stake in Arsenal to 28.3% and take over as their largest shareholder.
The American businessman last year accepted an invitation to join the club's board and on Friday his company bought 4,839 shares from members of the Carr family, including Arsenal director Richard Carr.
Carr said: "It has been a wonderful ride and the family have enjoyed every minute of it. I hope there will be many more magic moments for us in the future."
A statement on the club's official website read: "The shares were acquired at prices of £8,500 per share and £10,500 per share.
"As a result of the acquisition, Stan Kroenke has a beneficial interest in, and controls voting rights over 17,613 ordinary shares in the company, representing 28.3% of the company's issued ordinary shares."
Arsenal chairman Peter Hill-Wood said: "I would like to pay tribute to the long-standing commitment that the Carr family have shown towards Arsenal.
"The club are hugely indebted to them for the role that they have played in the development and success of the club over the years.
"The board particularly wish to thank Richard Carr for his hard work, effort and integrity since joining the board in 1981 and I am pleased to say Richard will continue on as a director of the club."
The move was equally popular with the Arsenal Supporters' Trust, who also issued a statement on Friday evening.
It read: "We were the first shareholders at Arsenal to welcome Kroenke's initial investment. We have since established a good dialogue with him and this will continue.
"Our position is that stability and plurality in ownership is to the benefit of Arsenal.
"New chief executive Ivan Gazidis has made a good impression and says he values our role and the importance of custodianship.
"We hope he will build relationships with all shareholders so that the club has stability off the pitch which is a vital ingredient for success on it."
If Kroenke ups his stake to over 30% he will be obliged to mount a full takeover of the Gunners.
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