Arsenal chairman Peter Hill-Wood insists it is business as usual at the Emirates following major changes in the club's boardroom. New chief executive Ivan Gazidis has joined the board, but Lady Nina Bracewell-Smith and Richard Carr have both departed.

The news of Bracewell-Smith's departure is set to spark fresh takeover rumours, as her 16 per cent stake is no longer tied into the lockdown agreement with the rest of the Arsenal board.

"The philosophy of the club remains the same. Our efforts are directed towards stability and making the club successful," Hill-Wood said.

"Changes of personnel will not alter the directors' view of how we should proceed in the future.

"All the directors love the club and are committed to maintaining its heritage. Acting in the best interests of the club is fundamental to the decisions we take on behalf of Arsenal.

"The directors feel the club's future is positive both on and off the field.

"Lady Nina is no longer representing the club and therefore is released from the lockdown. However it was created to maintain stability in the club and those participants are committed to maintaining the ownership structure as it is.

"I don't know for certain what she wants to do with her shares. I do know that the Bracewell-Smith family have been involved with the club for many, many years and are great supporters.

"I know that Lady Nina is an advocate of the policies we have been following to make the club self-sustaining and free from external injections of money. She has certainly been in favour of what we are doing.

"We hope that she would remain a shareholder, but she has not spoken to me about it lately. She is no longer in the lockdown so she is free to do what she wishes to do.

"A number of the board have indicated in the past that they are interested in buying more shares so the future stability of the club is secure.

"The board is very keen to retain control of the club to ensure that its values and traditions are upheld and live on for many years to come."