Arsenal's majority owner Stan Kroenke has no interest in selling Arsenal and remains determined to make the club a force in Europe, a source has told ESPN FC.
Kroenke has turned down a $1.3 billion bid for his 67-percent share in the club from minority shareholder Alisher Usmanov and has made it clear he is in it for the long term, a source with knowledge of the American's plans said.
Kroenke has faced increasing criticism from Gunners supporters in recent years, with some fans viewing him as an absentee owner who is more interested in profit than trophies.
But Kroenke's ambition is still to win the Premier League and make the club competitive in the Champions League again, the source said.
Arsenal spent a club record £110 million on players last summer and are expected to be active in this upcoming transfer window as well. The club are also hoping to tie down star duo Alexis Sanchez and Mesut Ozil to new mega-deals, which would shatter the club's traditional wage structure.
Usmanov's bid, which was made last month but was only reported on Friday, came at a time of great uncertainty at Arsenal. Manager Arsene Wenger's future is still undecided, there are fears that Ozil and Sanchez could push for a move away this summer, and the team risks missing out on Champions League football for the first time in more than two decades.
Arsenal must beat Everton in the final game of the season on Sunday and hope Liverpool drop points against Middlesbrough to squeeze into the top four of the Premier League after a disappointing campaign that has seen more and more supporters call for Wenger to step down. However, the team could still end the season on a high note by winning the FA Cup final next season. Kroenke is set to attend a board meeting in the days following that final, when Wenger's future is expected to be finalised.
Kroenke has always offered his full support to Wenger in the past, and it's looking increasingly likely that both the manager and the owner will still be there when the new season starts in August.