Peter Hill-Wood has moved to reassure Arsenal fans that the shock departure of David Dein will not jeopardise the club's relationship with manager Arsene Wenger.
Dein left the North London club on Wednesday after more than 20 years of service, with the Gunners board citing 'irreconcilable differences' for the exit of one of English football's most influential figures.
Reports in the English press have suggested that Dein's relationship with the rest of the board soured as a result of his willingness to welcome new investment in the shape of American billionaire Stan Kroenke.
Of more immediate concern to Gunners fans is the fact that Dein enjoyed a very close relationship with Wenger, having been instrumental in making the brave decision to recruit the Frenchman from Nagoya Grampus Eight in 1996.
However, Arsenal chairman Hill-Wood has insisted that the whole board, not just Dein, are on good terms with the Frenchman and that a new contract for Wenger is on the horizon.
"I think it's well known that Arsene and David have got on very well over the past 10 years and I am certain that Arsene will miss him," Hill-Wood told the club's official website.
"However I believe the relationship that Arsene has with the rest of the board is good.
"He is on contract with us until 2008 and we very much hope that he will extend his contract beyond that, but we haven't got into talking details on that yet."
Hill-Wood also dismissed rumours that Dein's departure was due to a disagreement over the level of transfer funds released to Wenger, stating the Frenchman has money at his disposal should he wish to spend it.
"We've always made funds available to Arsene, he attends the board meetings, he understands the financial position. I can assure supporters that we will continue to provide funds when Arsene requires them," Hill-Wood added.
"We have a very good squad - young, maybe, but developing well and if Arsene wants to strengthen it we have the money to provide him with any reasonable purchases he wants to make.
"We have a number of senior executives at the club. We haven't formalised the arrangement yet but I'm certain that one or more of them will handle the matter of transfers in David Dein's absence."
Hill-Wood: We will resist
Arsenal chairman Peter Hill-Wood has vowed that his board will resist any bids 'with all their might', amidst intense speculation that Stan Kroenke is ready to launch a hostile takeover of the North London club.
David Dein's departure from a club he had served with distinction for more than 20 years has sent shock waves through the boardroom, given it was understood that the former vice-chairman was in favour of increased involvement from US billionaire Kroenke.
Hill-Wood and his fellow directors have always been vehemently against any proposal that Kroenke increase his 11 per cent stake in the club, with Dein seemingly having paid the price for having a foot in the American's camp.
It is claimed, by Hill-Wood, that Dein is 'in league' with Kroenke but with Arsenal's directors having made an undertaking on Wednesday not to sell any shares for at least a year, it would seem for the moment at least, the club will retain its English roots.
"I don't know for certain if Kroenke will mount a hostile takeover, but we shall resist it with all our might," Hill-Wood told the Daily Express.
"I am not complacent at all, but we don't need his money and I'll tell you why. Everyone talks about our new stadium as a handicap to finance for new players, but the move to the Emirates is well-funded.
"Everyone thinks it has created a huge deficit but it hasn't as we have a massive asset on a 25-year fixed-rate loan."
With foreign investment currently rife in the Premiership, it has been speculated that the normally prudent Gunners would be given increased financial muscle in the transfer market should Kroenke's stake increase, but again, this is a theory disputed by Hill-Wood.
"We are all being seduced that the Americans will ride into town with pots of cash for new players. It simply isn't the case," he added.
"He would have to spend a fortune to buy the club, he has already spent millions acquiring shares, so who thinks he is then going to spend fortunes on players?
"Take it from me, he won't be doing that after spending millions buying up shares."