The Arsenal Supporters Trust has called for all shareholders to unite behind the board and welcome the investment of Stan Kroenke.
The Takeover Panel is looking into Kroenke's recent £42.5million purchase of shares from director Danny Fiszman, amid concerns from other shareholders the American billionaire may be receiving preferential treatment in the buying of stock.
Kroenke, the club's single largest stakeholder at 28.3% ahead of Uzbek billionaire Alisher Usmanov, last year accepted an invitation to join the club's board and last week his company bought 4,839 shares from members of the Carr family, including Arsenal director Richard Carr.
Should the Kroenke Sports Enterprise group holding reach the 30% threshold, under financial regulations they would be obliged to launch a formal takeover.
Arsenal, however, claim there has been no improper behaviour nor any rules broken.