The Arsenal Supporters Trust have ruled out selling their stake to Stan Kroenke.
The Telegraph says Arsenal's board has recommended all shareholders accept the offer, priced at £11,750 per share, but the AST vowed not to relinquish their involvement in the club's ownership structure.
More than 100 members met in London on Monday night to discuss the proposed takeover and an AST spokesman said: "Arsenal is too important to be owned by any one person.
"The AST wants to work with Stan Kroenke to keep Arsenal supporters involved in the club's ownership structure.
"The AST and the Arsenal Fanshare scheme will not be selling the shares it owns and urges all supporters to reject this offer.
"In just six months the Arsenal Fanshare scheme has gained 1800 members who have invested £500,000 in Arsenal shares.
"This scheme has been widely praised across the football community and is supported by the Government who are currently reviewing football's governance structures.
"AST is encouraged to hear Red & White plan to keep their shares. They have previously stated their long-term commitment to the club and this decision would be a good demonstration of that."
