Arsenal chairman Peter Hill-Wood insists the club's board is "absolutely resolute" in its intention not to sell up to Alisher Usmanov.
The Uzbek billionaire increased his stake in the Premier League club to 21 per cent on Tuesday, just weeks after purchasing former vice-chairman David Dein's share in the Gunners.
Dein is now involved in Usmanov's Red and White Holdings Limited group, which has become the second largest shareholder in Arsenal.
But Usmanov's enlarged stake at the Emirates Stadium has not been welcomed by Hill-Wood, who also feels Dein has been a key figure in destabilising the club.
And Hill-Wood now appears inclined to hold talks with American businessman Stan Kroenke, whose own investment in Arsenal was not originally well received by the board.
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"I would think Kroenke is probably a long-term investor and I would welcome him as a shareholder more than Usmanov - unquestionably," Hill-Wood told the Daily Telegraph.
"He is involved in sport and understands it. As for Usmanov, I am not sure what he wants or why he wants to get involved.
"He is clearly a very determined fellow, but it won't get him anywhere. It doesn't change anything.
"The board is absolutely resolute and they have no intention of selling to Dein and Usmanov.
"This is all very disruptive and I can understand the fans being upset. The club has been stable for many years and this is destabilising it.
"I think David is very much the architect of that."
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