At yesterday's AGM, Arsenal chairman Peter Hill-Wood again declared there was no reason to seek outside investment.

"We will strive to maintain the custodianship of the club as it is," he said.

"Arsenal runs through my veins and we do not want control handed over to somebody who has not got Arsenal in their blood.

"Rest assured, we are not going to sell out to the first man who comes along."

The chairman added: "I promise you that expenditure on players remains our top priority."

Hill-Wood, though, revealed there would be ongoing dialogue with Red & White Holdings, the investment company backed by Russian metals magnate Alisher Usmanov which has a stake of around 24%.

"I expect their contribution to evolve over the years," he said.