Arsenal chairman Peter Hill-Wood has sent a hands-off warning to American billionaire Stan Kroenke over any potential takeover of the club.
Kroenke recently bought 9.9% of Arsenal and also acquired more shares from major stakeholder Danny Fiszman, sparking talk of a takeover.
But Hill-Wood told the Guardian: "The shareholders would prefer to stay in control than sell out to some stranger.
"We would be horrified to see ownership of the club go across the Atlantic."
Hill-Wood claims that he and three of the club's major shareholders - Fiszman, Lady Nina Bracewell-Smith and the Carr family - have "no intention of selling".
He added: "These people love Arsenal, they are independently wealthy and do not need the money. Having a few extra million pounds in the bank is of no interest to them.
"We're here for Arsenal football club, not to make a few bob. The club has been run for the benefit of supporters, staff and players."