"We have never denied Arsene Wenger a penny," Hill-Wood said. "Whenever he has wanted to buy, he has. What he is not prepared to do is to buy a big name that everyone will be happy with until they see them play.
"He is a very good judge. He has brought in so many world-class players, some of whom people had not even heard of at the time, and I am sure he will continue that."
Hill-Wood said Wenger had taken Arsenal's failure to win any trophies this season very personally. He added: "He is not very happy we didn't win anything. He takes it very much to heart but he seems to have recovered.
"It's laughable to think he doesn't have the support of the board. We are very happy with him and I think he is with us. He knows where we are coming from."