Arsenal's majority shareholder Alisher Usmanov has denied he is about to increase his stake in the club.
There have been rumours that Usmanov, who owns 24.9% of Arsenal, was keen to buy departing board member Lady Nina Bracewell-Smith's 15.9% stake.
But the Russian billionaire has denied making a �50m offer to Bracewell-Smith.
"I have not held any negotiations with her about a purchase. I haven't seen her and so far she has not announced that she wants to sell," he said.
Speaking to the Guardian newspaper, Usmanov added: "There is no point in discussing something that doesn't exist."
If Bracewell-Smith's 15.9% stake were to become available and it was bought by Usmanov it would take the metals magnate past the 30% mark, which would force him to launch a takeover bid.
Although he denied plans to launch a takeover, Usmanov, who owns his stake through Red and White Holdings, did admit he would still like to increase his stake in the club.
He said: "I am unlikely to at the moment (buy more shares) because I have more important financial matters to deal with.
"But we have never concealed that we would like to acquire a blocking stake of 29.9% and nothing prevents us from doing that.
"That's what interests us and, little by little, without hurrying, we are buying up shares from the market."
American sports tycoon Stan Kroenke holds a stake of about 12% in the Gunners.
If he were to buy Bracewell-Smith's shares, he would become the club's majority shareholder with a 27.9% stake.
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