Arsenal board determined to fight off new takeover attempt

It is understood that majority shareholder Danny Fiszman - who owns a quarter of the club - is resolute about keeping his stake as managing director Keith Edelman issued a public 'hands-off ' warning to any potential investors.

With speculation rife that American tycoon Stan Kroenke will launch a takeover bid and Formula One supremo Bernie Ecclestone also linked with a shock buyout, Edelman reiterated the board's opposition to such a move.

He explained the directors believed rich foreign buyers were not necessarily in the club's best interests and would not automatically plough in lots of money.

Kroenke has been tipped to launch a takeover bid by increasing his 12.2 per cent stake beyond the 30 per cent threshold but any takeover plans would continue to be resisted.

The sports tycoon wants to sound out Fiszman, as the tax exile's 24.1 per cent holding is the key to Kroenke taking over without any bid becoming hostile, something he wants to avoid.

Although the Arsenal board have stressed the American has an "open invitation" to meet Fiszman, sources close to Kroenke say he would 'jump at the chance' to meet Fiszman should the pair find a suitable date.

However, any hopes he could persuade Arsenal's main stakeholder that the two should join forces appear unfounded.

It is understood Fiszman will stick to his promise not to even look at selling before the lock down period, agreed by the board when Kroenke's interest first became public, ends next May.

In addition, the board still have not heard whether Kroenke wants to meet again as they have received no direct communication since his meeting with chairman Peter Hill-Wood in New York last month.

Edelman also believes the club should resist a buy-out.

He said: "You see talk about Arsenal needing a billionaire owner to put more money into the club but Arsene [Wenger] has always said, and the board also believe, that a football club can only really be run from the revenues they generate themselves over the long term.

"If you look at some of the other clubs with billionaire owners, their debts are mounting up. Anybody who invests in a club, particularly from overseas, who doesn't love the club the way our shareholders do will want financial returns.

"If someone is looking for financial returns they will in the long term take more money out of the club than they put in."

Edelman insists all the directors are in it for the long haul and have the best interests of the club at heart.

He said: "The current shareholders have been incredibly generous with the club and haven't taken a dividend for very many years.

"If a billionaire buys any club in the country, it doesn't automatically mean that they're going to have success or be able to invest further sums in the squads.

"What is really important is that the business runs from the funds that it generates itself."

Ecclestone, a Chelsea fan, distanced himself from reports that he would be launching a bid for Arsenal, saying: "I haven't done anything to do with Arsenal. This is all nonsense in the newspapers."

Meanwhile, Edelman is convinced that Wenger, who is out of contract at the end of the season, will extend his stay at the club.

He said: "We are quietly confident that Arsene will remain the manager for a few years to come."