The latest development comes after rumors surfaced of a possible takeover by American billionaire Stan Kroenke, who has already bought around 10 percent of the club and has said to have bought some more shares from major stakeholder Danny Fiszman.

But Hill-Wood has scoffed the rumors saying that all the major stakeholders are wealthy and have no intention of selling their share for money. "These people love Arsenal, they are independently wealthy and do not need the money. Having a few extra million pounds in the bank is of no interest to them. We're here for Arsenal football club, not to make a few bob. The club has been run for the benefit of supporters, staff and players", he said.

Hill-Wood added that he has talked to three of the major shareholders, Fiszman, Lady Nina Bracewell-Smith and the Carr family, and claimed they have informed him that they have "no intention of selling". "The shareholders would prefer to stay in control than sell out to some stranger. We would be horrified to see ownership of the club go across the Atlantic", Hill-Wood said.

Commenting on the other clubs in the league who have been taken over by American businessmen, Hill-Wood said that they might have had their own reasons for selling out, but added that Arsenal will not be "following the herd". Premier league has proved to be a happy hunting ground for American investors, with Manchester United, Aston Villa and Liverpool all under American stewardship.

Meanwhile Hill-Wood revealed that the club's vice-chairman David Dein has parted ways with the club following "irreconcilable differences" with the other board members.

Announcing that Dein is no longer with the club, Hill-Wood said in a statement, "On behalf of the board I would like to express our gratitude to David Dein for the many years of loyal service he has given to the club. We sincerely regret that irreconcilable differences between Mr. Dein and the rest of the board have necessitated a parting of the ways."

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