Alisher Usmanov has insisted he is NOT in talks with Stan Kroenke about selling his stake in Arsenal.
The Russian businessman insists he is "in for the long term" and still remains keen on buying the club.
But Usmanov, who owns a 30 per cent stake of the club, issued a lengthy statement which reveals he would be open to working in "a constructive partnership" to take the club forward.
His statement comes after reports suggested the American had made a £525million offer to buy Usmanov's shareholding, which would increase his share to more than 97 per cent.
This led to concerns from Arsenal fans over the future of the club, with fears that a full takeover would have a detrimental effect on transparency, as the club would no longer need to publish their accounts or hold an AGM.
Usmanov's statement read: “In recent days there has been speculation relating to a possible offer for my 30% stake in Arsenal. As part of that I can understand the anxiety that these rumours are causing to the fans as reflected by the Arsenal Supporters Trust.
"In light of this, I would like to be clear that I am not holding any talks with Mr Kroenke about a sale. My interest in Arsenal from the beginning was long term and my intention has always been to buy additional shares should they become available. This I did with the purchase of the stake of my business partner Farhad Moshiri with which I increased my shareholding from 15% to 30%, and also with my proposed offer for the stake of the majority shareholder which valued the Club at some £2bn.
"That offer remains valid today. I have always been and will continue to be an ardent supporter of Arsenal and I see my 30% stake as an important aspect in protecting the best interests of the fans in the Club. It has been well documented that I have no say in the running of the club, that my views differ from those of the majority shareholder and that I would take a different approach to delivering footballing success.
"I would like to assure supporters that I am open to various future scenarios - a constructive partnership with the majority shareholder, the purchase of his stake either alone or in a consortium, or if a party appears who shares my and undoubtedly the majority of fans’ vision for the club, I could consider the question of selling my stake.”