Arsenal chairman Peter Hill-Wood is adamant that the shareholders of the club do not want to sell the Gunners to American billionaire Stan Kroenke.
Kroenke recently bought a 9.9 per cent stake in the north London side before purchasing more shares from major stakeholder Danny Fiszman, sparking takeover talk.
However, Hill-Wood told The Guardian: "The shareholders would prefer to stay in control than sell out to some stranger.
"We would be horrified to see ownership of the club go across the Atlantic.
"We have no intention of selling. We love Arsenal, are independently wealthy and do not need the money.
"Having a few extra million pounds in the bank is of no interest to them.
"We're here for Arsenal football club, not to make a few bob. The club has been run for the benefit of supporters, staff and players."