Stan Kroenke has insisted he remains committed to Arsenal and his share in the club are “not, and never have been, for sale.”

Alisher Usmanov, who owns 30% of the club, made a formal £1 billion bid to buy Arsenal, but Kroenke has no intention of relinquishing any of his 67% holding.

Arsenal face a significant drop in revenue as they did not qualify for the Champions League.

The future of Arsene Wenger also remains unresolved.

“I respect Stan Kroenke a lot. He is not at fault if we did not reach the Champions League,” Wenger said. “It is the technical department who is responsible for that. I don’t see what he has to do with that.”