Stan Kroenke's company KSE UK has released a statement to stress its shares in Arsenal are not for sale at any price amid reports Alisher Usmanov is still keen to take full control of the club.
Usmanov owns 30 percent of Arsenal's shares, but is not part of the board or involved in decision-making at Emirates Stadium.
The Uzbek-born Russian reportedly was willing to pay £1 billion (approximately $1.3 billion) to acquire Kroenke's 67 percent stake in the club, but the latter's company KSE UK has now seemingly ended Usmanov hopes of a takeover.
"KSE UK, Inc notes the recent media speculation concerning its shareholding in Arsenal Holdings PLC and confirms that its shares are not, and never have been, for sale," an official statement reads. "KSE is a committed, long term investor in Arsenal and will remain so."
Kroenke — who owns the NFL's Rams, NBA's Nuggets and NHL's Avalanche, among other U.S.-based pro teams — joined Arsenal's board of directors as a non-executive director in September 2008.
Arsenal has endured an eventful 2016-17 season in which it slipped out of the top four for the first time since the arrival of Arsene Wenger in 1996, missing out on the Champions League as a consequence.
Wenger has come in for heavy criticism following the club's failure to challenge for the Premier League title, with many fans calling for the Frenchman's departure on more than one occasion.
The 67-year-old's contract at Arsenal is due to expire at the end of the season, with an announcement over his future expected after the FA Cup final against Chelsea next week.