Gunners supremo Peter Hill-Wood claims to be unaware of any consortium bidding to become a majority shareholder at the Emirates and sees the issue as a "waste of time"
Rumours of a supposed £1.5 billion takeover surfaced last weekend, but the Gunners board member does not expect majority shareholders Stan Kroenke and Alisher Usmanov to be keen to sell their stakes in the club.
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The American currently owns 66.83 per cent of shares in the north London club, while 29.96% of the shares belong to Uzbek billionaire Usmanov.
However, according to Hill-Wood neither wish to sell their stakes in the club and any approach made will be a waste of time.
He told reporters: "I have heard nothing and I don't think anybody knows anything about it at the club.
"It all seems a bit of a waste of time.
"If there is this consortium, they can't make any progress unless they attempt to get in touch.
"So I can't say if there is anything to it or not. But even if they did make an approach, my understanding is our two major shareholders do not want to sell."