Acquiring them would give his investment vehicle, Red and White Holdings Ltd, the opportunity to launch a hostile takeover bid for the whole company.

Arsenal’s board members between them hold 45% and have signed a “lockdown” agreement to refuse to sell their shares in the short term.

Part of the reason for the agreement was because of Kroenke’s increasing investment and fear he might launch a takeover bid.

Hill-Wood even said of Kroenke: “We don’t need his money and we don’t need his sort”.

The situation has changed, however, since former vice-chairman David Dein sold his 14.58% share to Usmanov.

Dein is chairman of Red and White Holdings Ltd.

Hill-Wood, who met Kroenke earlier this week, told the Daily Telegraph: “I think it would be rather nice if he [Kroenke] would join the lockdown. It’s obviously up to him, but we would certainly welcome it.

“He now sees the benefits from a long-term relationship with us and he is not remotely interested in making a bid.

“He knows perfectly well what we are up to with the lockdown and I don’t think he disapproves of it.

“We have been comforted by that. We don’t want to be taken over.”