Arsenal majority shareholder Stan Kroenke has said that his shares are not for sale.

The American has 67 percent stake at the North London club. Following recent reports of £1 billion bid by AlisherUsmanov, the company of the American released a statement. The news of the bid circulated widely following the Gunners’ failure to secure a Champions League spot for the first time in 20 years.

KroenkeSports and Entertainment says it remains a “committed, long term investors in Arsenal.” Usmanov owns 30 percent stake but he is not part of the board or does is he involved in decision making.

The Russian earlier said Kroenke should be held responsible for the team’s failures. So his bid was to buy the club and try to turn it around.

Arsenal are set to play league winners Chelsea on Saturday for the FA Cup. They finished fifth so they would be playing in the Europa League next season but the FA Cup would provide some respite for the team.

Coach Arsene Wenger’s contract is set to end this summer. The French manager would likely continue with the club but the statement from Kroenke did not mention anything about Wenger’s future. Wenger admitted that the uncertainty over his future affected the team.

Unlike Arsenal, Chelsea have won 14 major trophies since 2003. Former Arsenal star Ian Wright says the club needs a winner like Chelsea owner Roman Abramovich who has demanded victories from the club.

“Stan Kroenke sees it as another asset. If you look at all his other franchises, they are doing the same. They are mediocre, with poor attendances and aren’t achieving anything as a team. That is where Arsenal are at the moment,” Wright explained.

He says having a winner like Abramovich would push the club to success like Chelsea have done in the last decade.