US tycoon upset after attack by Arsenal chairman

The Gunners chairman's controversial comments about the US sports tycoon last week were greeted with alarm and dismay when they were relayed to Kroenke in America.

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The Emirates Stadium chairman claimed, when asked about Kroenke launching a takeover bid, that "we don't need his money and don't need his sort" and he knows "sweet FA about our football".

Sources close to Kroenke say the billionaire businessman, who receives a daily press update from aides, was "unimpressed" when told of Hill-Wood's concerns about his nationality.

Hill-Wood's ill-timed comments should not affect their agreement with the Rapids, but the club have now undoubtedly been put in an uncomfortable position.

Arsenal formed a marketing agreement with Kroenke's football club, Colorado Rapids, three months ago to help develop their brand in the States.

The relationship is based primarily on an exchange of commercial and coaching ideologies and the north London side have even lent their name to the inaugural Arsenal Cup, which will be hosted in Denver this summer at the Rapids' new stadium and will involve only American clubs.

The Arsenal board are now waiting for Kroenke's next move.

It emerged on Friday afternoon the American had increased his stake in the club to 12.19 per cent.

But he had actually bought his latest batch of 577 shares - in a personal outlay costing £4million - in four separate transactions before David Dein's shock departure last Wednesday.

The slight confusion came because the full disclosure of the dealing was not made until Friday, in accordance with the rules of the Plus market exchange, which state they must be revealed when a stakeholder goes beyond the 12 per cent threshold.

Intriguingly, in the three full days of trading since former vice-chairman Dein's shock exit, experts monitoring the exchange say Kroenke has not bought any more shares.

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This lull in dealing has prompted speculation that his interest in Arsenal has cooled even though insiders still anticipate him striking up an alliance with Dein, who owns 14.6 per cent of the club.

Dein is on holiday with his American wife Barbara in Miami, a trip which could provide the perfect opportunity for the two businessmen to get together and form an alliance.

If they align themselves, they will be in a formidable position from which to mount a takeover bid.