Kroenke recently bought 9.9% of Arsenal and also acquired more shares from major stakeholder Danny Fiszman, sparking talk of a takeover.

But Hill-Wood told the Guardian: "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."

606: DEBATE I was always against a takeover and this may put some rumours to bed BP

Hill-Wood claims that he and three of the club's major shareholders - Fiszman, Lady Nina Bracewell-Smith and the Carr family - have "no intention of selling".

He added: "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."