Arsenal majority shareholder Stan Kroenke has said his company KSE UK's shares in the club "are not, and never have been, for sale'' in a statement to the Stock Exchange.
Arsenal minority owner Alisher Usmanov, who currently owns 30 percent of the club, made a bid of $1.3 billion to buy out Kroenke last week, a source confirmed to ESPN FC.
However, a source also told ESPN FC that Kroenke has no interest in selling any of his 67 percent holding in Arsenal -- a position that has since been confirmed with his statement to the Stock Exchange.
Kroenke statement saying Arsenal isn't for sale pic.twitter.com/xfvDL6HBP8
- Rob Harris (@RobHarris) May 22, 2017
KSE UK is the holding company for American Kroenke's interest in Arsenal.
Kroenke has faced increasing criticism from Arsenal supporters in recent years, with some fans viewing him as an absentee owner who is more interested in profit than trophies.
He was a target for Arsenal fans during Sunday's 3-1 victory over Everton at the Emirates Stadium, with supporters chanting and holding banners telling him to leave the club.
Arsenal are now facing up to a multi-million pound drop in revenue after failing to qualify for next season's Champions League, but the statement of intent from KSE indicates the American is at the Emirates Stadium for the long haul.
Arsenal may have come up short in the Premier League, but could yet win what would be a third FA Cup in four seasons when they take on Chelsea at Wembley on Saturday.
Kroenke's statement comes at a time of great uncertainty at Arsenal, with manager Arsene Wenger's future still undecided, while there are fears that star duo Mesut Ozil and Alexis Sanchez could push for a move away this summer.
Wenger chose not to join his players on the traditional end-of-season lap of appreciation on Sunday, but offered words of support to the under-fire owner in his postmatch news conference.
''I respect Stan Kroenke a lot. He is not at fault if we did not reach the Champions League,'' Wenger said. ''It is the technical department who is responsible for that. I don't see what he has to do with that.''
Wenger, however, accepts doubts surrounding whether or not he would be staying on past the end of his current contract have contributed to an ''absolutely horrendous'' environment at the North London club.
Kroenke has always offered his full support to Wenger in the past, and it is looking increasingly likely that the Arsenal manager will still be there when the new season starts in August.
Information from the Press Association was used in this report.