Posted: Sun March 3, 2013 1:49PM; Updated: Sun March 3, 2013 2:20PM

Arsenal: Stan Kroenke has no plans to sell majority stake

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Stan Kroenke
Stan Kroenke oversees an Arsenal club that's not likely to make the Champions League.
David Price/Getty Images

LONDON (AP) -- LONDON (AP) - Arsenal says owner Stan Kroenke has no plans to sell his majority stake after reports in a British newspaper reported a Middle East consortium was ready to make a bid of 1.5 billion pounds ($2.25 million) for the Premier League club.

The Sunday Telegraph said an unidentified group backed by funds from Qatar and the United Arab Emirates wanted to make a cash offer to buy 100 percent of the club, and would make substantial transfer funds available and slash ticket prices. The report said a meeting had been requested with Kroenke, who owns 66.83 percent of Arsenal's shares.

Arsenal communications director Mark Gonnella said Sunday that "Stan Kroenke is committed to Arsenal for the long term and has no intention of selling his stake.''

Gonnella added that "there has been no contact from any potential investors.''

Copyright 2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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