Arsenal majority stakeholder Stan Kroenke has warned that his shares are not for sale at any price amid reports that Alisher Usmanov is making a £1 billion takeover bid.
Usmanov owns 30 per cent of Arsenal's shares, but is not part of the board or involved in decision-making at Emirates Stadium.
The Uzbek-born Russian was reportedly willing to pay £1 billion to acquire Kroenke's 67 per cent stake in the Premier League club, but the latter's company KSE UK has now seemingly ended Usmanov hopes of a takeover.
"KSE UK, Inc notes the recent media speculation concerning its shareholding in Arsenal Holdings PLC and confirms that its shares are not, and never have been, for sale," an official statement reads.
"KSE is a committed, long term investor in Arsenal and will remain so."
Kroenke joined Arsenal's board of directors as a non-executive director in September 2008.
Arsenal have endured an eventful 2016-17 season in which they slipped out of the top four for the first time since the arrival of Arsene Wenger in 1996, missing out on the Champions League as a consequence.
The Frenchman has come in for heavy criticism following the club's failure to challenge for the Premier League title, with many fans calling for Wenger's departure on more than one occasion.
The 67-year-old's contract at Arsenal is due to expire at the end of the season, with an announcement over his future expected after the FA Cup final against Chelsea next week.