Wenger 'to stay at Arsenal for years'

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Both Kroenke, who is already a 12.2 per cent shareholder, and Ecclestone have been linked with takeover bids while Wenger is unhappy with a lack of transfer funds.

All smiles: Wenger looks likely to stay at Arsenal for a few more years

But Edelman is adamant Arsenal do not need a billionaire owner to persuade Wenger to extend his deal beyond the end of next term.

"We're quietly confident that Arsene will remain the manager for a few years to come," said Edelman. "You hear talk about Arsenal needing a billionaire owner to put more money in but Arsene and the board have always said that a club can only be run from revenues that they generate themselves over the long term."

The board plan to hold further talks with Kroenke in the coming fortnight to ascertain his next move but Edelman has questioned the American's intentions.

"Anybody who invests in a club will be looking for financial returns and will, in the long term, take more money out of the club than what they put in," he said.

"The current shareholders have committed themselves and believe in the club."

That situation could change, however, if Ecclestone can persuade shareholder Danny Fiszman to part with his 24 per cent stake in Arsenal.

"I'm interested if it's cheap enough," said Ecclestone.