Club dimiss reports of Middle Eastern consortium buying club.
Arsenal have moved to dismiss speculation suggesting the club are on the verge of a takeover according to Sky Sports.
Reports in recent weeks have suggested that the North London side could be subject to a bid by a wealthy Middle Eastern consortium.
It has been suggested that the bid valued the club in the region of £1.5 billion.
But Arsenal executive Peter Hill-Wood has moved to pour cold water on the speculation.
‘I have heard nothing and I don’t think anybody knows anything about it at the club’, he said.
‘It all seems a bit of a waste of time. If there is this consortium, they can’t make any progress unless they attempt to get in touch.
‘So I can’t say if there is anything or not. But even if they did make an approach, my understanding is our two major shareholders do not want to sell.’
American born Stan Kroenke and Uzbeki billionaire Alisher Usmanov are currently the major shareholders in the club and are rumoured to have long term ambitions for the club.
Arsenal fans may be reluctant for the takeover to happen, however wealthy the potential owners, as the club are thought to currently have funding available following the successful completion of the Emirates Stadium.