Arsenal owner Stan Kroenke rejected Alisher Usmanov's £1billion takeover offer because he wants to remain in control of the club for the long term, is determined to restore Arsenal to being Premier League champions and make them a force in Europe.
Sources close to Kroenke have said that the money he would have made isn't an issue as he wants to see the club grow and wants to oversee future success.
Usmanov, a metals magnate who owns 30 per cent of Arsenal, made the offer earlier this month and though there has been no formal response, it is understood that Kroenke, who controls a 67 per cent stake, has rejected it.