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The Gunners deny reports of a potential €1.7 billion bid for the club, and insist the American owner is committed "for the long term" and has no intention of selling his shares

Arsenal have confirmed that they have not received any formal approach regarding a takeover bid by a Middle East consortium, and insist owner Stan Kroenke is committed to the Premier League club "for the long term."

With regular speculation over the ownership of the Gunners given Alisher Usmanov's desire to take control of the club, reports have been circulating regarding a possible approach, with a bid of around 1.7 billion from a mystery group to tempt Kroenke.

However, the club have moved to quash rumours of any deal by confirming Kroenke has had "no contact from any potential investors", and stating that the American has "no intention" of selling up.

"Stan Kroenke is committed to Arsenal for the long term and has no intention of selling his stake," said Mark Gonnella, the club's communications director. "There has been no contact from any potential investors."

Kroenke took over the Gunners in April 2011 and owns 66.83 per cent of the club, while Usmanov retains 29.96 per cent.  The owner's company - Kroenke Sports Enterprise Group - is also involved with NBA side Denver Nuggets, NHL team Colorado Avalanche and MLS side Colorado Rapids in the USA.

Despite the recent positive accounts released showing that the club made a half-year profit of £17.8 million, fans have called for manager Arsene Wenger to be given - and to spend - increased transfer funds in order for the team to compete for top honours as the Gunners look set to go for an eighth consecutive season without a trophy.

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