We'll never let Kroenke buy Arsenal - Fiszman - Sport

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Kroenke has formed an alliance with former Arsenal vice-chairman David Dein, ousted by the board two weeks ago, but Fiszman is determined to resist their advances.

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The diamond dealer, now a Geneva tax exile, said: "The board has 45.5 per cent of the shares. We also have friends that take us over 50 per cent. They can mount a hostile bid but they're never going to get control of the club. The future of the club is in the hands of the board."

Peter Hill-Wood, who owns just 0.8 per cent, told shareholders they are duty bound to meet Kroenke to discuss his takeover plans, but Fiszman insists the board have no intention of selling.

He added: "Mr Kroenke is now quite a substantial shareholder and it's right for us to meet him and understand his plans. So far, we've heard nothing from him.

"We're open to anything that will improve the club but we're going to have to be seriously convinced it will improve the club's fortunes.

"Apart from Chelsea we've seen no evidence of big amounts being put into clubs. In the end, for all of the money invested there has to be a return. I think it is going to be very, very difficult to explain to me and the rest of the board how you can make a substantial investment, which has to be £400m, £500m or £600m and expect a return for that.

"Even with an eight to 10 per cent return you have to take £50m or so. And that has to come out of the club, otherwise there's no point in making the purchase."