The board have so far resisted seeking investment from outside sources - with American shareholder Stan Kroenke and Formula One supremo Bernie Ecclestone both reported to be keeping a close eye on developments.

Despite the club's ongoing significant commitment to their new 60,000-seater home, Hill-Wood maintains Arsenal have a sound financial base and there are plenty of funds available to the manager should he want them.

"I don't think we've ever been in a stronger financial position than we are today," he said, speaking to the official matchday programme.

"Our accounts are due fairly soon and in those everyone will be able to see that we are very solvent.

"All these stories that the manager hasn't got money to buy players are absolutely ridiculous."

Hill-Wood insisted: "We've never denied him funds in 11 years and we're not likely to now.

"He is extremely sensible though, we've made some changes this summer and I think they've strengthened the squad - but the idea that we need 12 new players or something of that order would simply indicate that the management haven't been doing the right job in the past, which of course they have."