Arsenal have met with Alisher Usmanov's Red & White Holdings company.
The Gunners board said in a statement later on Friday that a constructive meeting had taken place between its chairman Peter Hill-Wood, managing director Keith Edelman and Red and White Holdings' London-based co-owner Farhad Moshiri.
However, the north London club made it clear once again that the board have no desire to sell their shares.
"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," said the statement published on the club's official Web site.
"The board believe that the continued success of the club can best be achieved by the company remaining independent."