Arsenal have held a 'constructive meeting' with Farhad Moshiri of Red and White Holdings Limited, who on Friday increased their stake in the club.
London-based Moshiri joint-owns the investment company alongside Russian Alisher Usmanov, and he has been in talks with Arsenal's existing board.
On Friday Red and White Holdings increased their stake in the club to 23 per cent, in a move that consolidates their position as the second-largest shareholder behind director Danny Fiszman.
Arsenal's board have made no secret of their intent to fend off any potential takeover, of the belief that they are and will continue to be a successful club, without becoming another Premier League outfit bought out by foreign money.
Takeover talk
The existing board members are currently in a 12-month 'lockdown' agreement, which effectively means they will not sell-up any time soon.
Arsenal have confirmed that a meeting between Peter Hill-Wood, Keith Edelman and Moshiri took place on Friday.
A statement read: "The board of Arsenal Holdings wish to confirm that a constructive meeting took place between Peter Hill-Wood, Keith Edelman and Farhad Moshiri of Red and White Holdings Limited.
"Board members of Arsenal Football Club wish to reiterate their intention of retaining their shareholding in the club and have no intention of selling any shares.
"The board believe that the continued success of the club can best be achieved by the company remaining independent."