Arsenal chairman Peter Hill-Wood says the club will strongly resist a potential takeover bid by billionaire Stan Kroenke.
Kroenke, a US retail mall developer and owner of three franchises, recently bought ITV's 9.9 per cent stake in the Gunners.
Last week he purchased a further 659 shares from Arsenal's biggest shareholder Danny Fiszman to prompt talk of a takeover bid.
But Hill-Wood says that he and three of the club's majority shareholders, Fiszman, Lady Nina Bracewell-Smith and the Carr family had "no intention in selling to some stranger" and would be "horrified to see it go across the Atlantic."
"These people love Arsenal, they don't need the money and they have no interest in selling," Hill-Wood told The Guardian.
"The club has been run for the benefit of supporters, staff and players, and the shareholders would prefer to stay in control than sell out to some stranger without the years of support they have."
Hill-Wood said Manchester United, Liverpool and Aston Villa "had their reasons" for being taken over by American billionaires, but since Arsenal had moved to the 60,000-seat Emirates Stadium they could compete financially and had no need to sell up.
He added that the three main shareholders were "adamant" they would not sell out to Kroenke.
"They are independently wealthy and do not need the money," he added.
"Having a few extra million pounds in the bank is of no interest to them. We're here for Arsenal Football Club, not to make a few bob. We would be horrified to see it go across the Atlantic."