Alisher Usmanov has confirmed that he will not sell his 27% stake in Arsenal to prospective new owner Stan Kroenke.
Usmanov, through investment vehicle Red & White, has said he will not accept Kroenke's mandatory cash offer for his stake after the American triggered a full takeover when taking a 62.89% controlling stake in the club on Monday.
The Arsenal board has recommended that shareholders accept Kroenke's offer of £11,750 per share, but Usmanov is keen to retain his stake in the North London club.
"I'm not going to sell my stake," Usmanov told Bloomberg. "I love Arsenal, that's why I'm a shareholder."
Usmanov's stance means Kroenke will not be able to achieve a 90% stake in the club which would result in compulsory purchase of the remaining shares.
The Arsenal Supporters' Trust has also said it will not sell its holding to Kroenke. It was happy with the news regarding Usmanov.
A statement read: "AST welcomes Red & White's commitment to Arsenal and calls on all shareholders to work together. Their priorities should firstly be making Arsenal a successful football team.
"Secondly placing no leveraged debt on the club and no dividends or management fees that take money out of club. And thirdly their priorities should be Arsenal Fanshare and supporters being directly involved in the club's ownership structure."