Wenger wants to develop next generation of English talent

Just hours after England's defeat in Russia plunged the nation into another fog of self-doubt, Wenger told Arsenal shareholders he has a crop of promising homegrown youngsters rising through his ranks.

Scroll down to read more:

It was a day for giving the audience what they wanted at the club's annual general meeting — and even news that Robin van Persie could be out for four weeks after injuring his knee did not spoil the mood.

Shareholders lapped it up as chairman Peter Hill-Wood unveiled a bust of Wenger, which will be bronzed and displayed at the Emirates Stadium alongside that of Herbert Chapman, the manager who turned the Gunners into a major force in the 1930s.

Hill-Wood also revealed the Arsenal board had extended their "lock down" on shares, a development which they insist makes them "bullet proof" in relation to the takeover threat from Russian billionaire Alisher Usmanov.

Board members yesterday signed an agreement not to sell their shares until April 2009 and then not to sell shares until 2012 without offering them first to fellow directors.

It was an announcement designed to end speculation about future ownership and stabilise the club at a time when the team are perched on top of the Premier League and finances look healthy.

Wenger's optimism about his homegrown talent simply fuelled the feelgood factor. "We are doing good work with the young players," said the manager.

"We have some good first years and the young generation — yes, an English generation — is very promising, very good.

"We hope in a few years to have a strong English base here, players to mix with the players from abroad. We want to bring through domestic players, especially after the result in Russia!"

English teenagers Kieran Gibbs, Henri Lansbury and Gavin Hoyte are among those who have impressed and Wenger emphasised the importance of strengthening the squad with players entrenched in the Arsenal style.

The Frenchman said: "Every Premier League game is watched by a minimum of 500 million people and we have responsibility to show Arsenal can be a modern club, that we can create a culture with foreign players, local players and promote football across the world.

"We have developed a brand quite well. We are loved all over the world and that's a great sign. There is big competition on TV.

"The guy who lives in Thailand or Africa goes home and chooses whether to watch Real Madrid or Arsenal, Inter Milan or Manchester United.

"Everyone has choice so the quality of football you offer has become very important."

Wenger was visibly shocked and a little embarrassed to find a bust was being made to acknowledge the impact of his 11 years in charge.

"I am very touched, but it is too big an honour for me," he said, as the plaster cast was unveiled by his long-term partner Annie.

Hill-Wood said. "It is in recognition of the truly fantastic job Arsene has done since joining us in 1996.

"He has guided us to seven major trophies and has revolutionised the club, not only through the stylish football his teams play but through his input into the Emirates Stadium and the training centre at London Colney."

Arsenal's managing director Keith Edelman laughed off suggestions the FA may launch a raid for their manager after England's defeat left Steve McClaren's future in doubt.

"Arsene has never broken a contract and he has always said to me being a national manager isn't something he wants to do," said Edelman, who expects the "lock down" on shares to have a positive impact on Wenger's team.

"This is an important day. The ownership has been an issue and this feeds down through the organisation and into the team. We wanted stability. This kills any talk of takeover."

Edelman also explained that American Stan Kroenke, who owns just over 10 per cent of the club, has been invited to join the "lock down" agreement.