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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"

Arsenal chairman Peter Hill-Wood claims to be unaware of any potential takeover by a Middle Eastern consortium.

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 club released a statement shortly afterwards, distancing the Emirates Stadium outfit with the reports and insisting Kroenke remained committed to his ownership.

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."

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