Alisher Usmanov, one of Arsenal's largest shareholders, is keeping all his options open as speculation over the ownership of the club intensifies.
Red & White Holdings is the investment vehicle for the Russian steel magnate, who has a 26.3% stake in the Gunners.
A statement said Red & White was "a committed long-term investor in Arsenal" which "retains all its options" and stressed that "no particular course of action is ruled in or out".
Arsenal's biggest investor, US billionaire Stan Kroenke, has a 29.98% stake in the club.
Lady Nina Bracewell-Smith has appointed a firm to sell her 15.9% stake in the Gunners.
If Kroenke or Usmanov bought Bracewell-Smith's stake it would take them over the 30% threshold which, under City takeover rules, requires them to make a formal offer for the business.
Arsenal shares are currently valued at about £10,000 each.