Arsenal minority owner Alisar Usmanov is looking to purchase the majority stake in the club from multi-sport owner Stan Kroenke.
Usmanov now owns 30 per cent of the Gunners but does not hold a seat on the board and repeatedly blamed majority shareholder Kroenke for the club's inability to compete for the game's biggest prizes in recent seasons.
Kroenke is known for being a fairly absent owner for Arsenal, though he is reluctant to give up his ownership of the team. Kroenke is thought to have since reconsidered entertaining Usmanov's offer and is now resistant at selling his shares - both to Usmanov or to anyone else. "Now I am not so sure", a person close to the situation said.
Arsenal did not immediately respond to a request for comment.
"I do not think that the coach alone is to be blamed for what is happening", he told Bloomberg - adding that the board, and main shareholder (Kroenke) "bear huge responsibility".
Usmanov has become increasingly concerned about a lack of investment by Kroenke.
Arsenal appear set to miss out on Champions League football, and finish fifth in the Premier League, for the first time in Arsene Wenger's 21 years in charge which has fuelled a growing sense of resentment among supporters. Usmanov on the other hand is anticipated to have twice the wealth of the American businessman, an opportunity that Arsenal fans would surely desire at the club right now.
There is little love lost between the two feuding Arsenal shareholders.
It is Usmanov's latest move in a decade-long battle to own Arsenal, having built up a 30 percent stake in the Premier League club since 2007.
Arsenal Holdings made a pre-tax profit of 2.9 million pounds in 2016, on revenue of 353.5 million pounds ($461 million).