David Dein admits he's turned down a raft of offers from Premiership rivals because he wants to remain involved with Arsenal.
Dein sold his 14.58 per cent Gunners stake to billionaire Alisher Usmanov for £75million.
Dein said last night: "Today's announcement marks a significant step towards realising the vision I share with thousands of fans at home and abroad - making Arsenal the world's No 1 football club.
"I have not lost my passion for the club. Indeed, it is greater than ever.
"I've been flattered by the offers I have received to work with other clubs, both in England and elsewhere.
"But there is only one club for David Dein - and that is Arsenal.
"I've always had the best interests of Arsenal at heart - I've had a love affair with the club since I was six.
"My ambition remains to play an active role in Arsenal again. My immediate intention is to work with others to provide the financial resources to turn the vision into reality."