Arsenal majority owner Stan Kroenke said on Monday his shares in the Premier League club were not for sale after media reports that the club’s second-largest investor had made an offer to buy out Kroenke.

“KSE (Kroenke Sports & Entertainment) UK Inc is a committed, long-term investor in Arsenal and will remain so,” KSE UK said in a statement, adding that its shares in the club have never been for sale.

Alisher Usmanov, a Russian billionaire who owns 30 percent of Arsenal, made the $1.3 billion offer in a letter to American billionaire Kroenke, who controls 67 percent of the club, the Financial Times reported on Friday.

Kroenke’s business and sports empire also includes the U.S. Denver Nuggets basketball team and the Rams American Football team.

Arsenal fans have been disappointed by the team’s performances this season and manager Arsene Wenger said last week that a decision on his future will be made at a board meeting following the FA Cup final against Chelsea on Saturday.

Arsenal failed to clinch a top-four place in the Premier League, which will have a significant financial impact as they have not qualified for the lucrative European Champions League for the first time in 20 seasons.