Despite the arrival of US businessman Stan Kroenke on the club's board, Arsenal chairman Peter Hill-Wood insists the club can continue to compete with their wealthy rivals without selling out to a billionaire "sugar daddy".
But Hill-Wood believes Arsenal can cope without a takeover like that at Manchester City, Chelsea or even the Glazer family's annexing of Manchester United.
Hill-Wood said: "We obviously cannot compete with the money Manchester City have so there's no point in trying.
"But I'm sure we can compete with these clubs in different ways. Money is not all that matters. You can buy what you think is the best 11 in the world but they might not play as a team.
"If we looked for an outside benefactor then that would lead us to become a business that's unsustainable.
"I don't think it's our way to expect some sugar daddy to top up our coffers each time you overspend. I don't think it's a help, it makes you very slack in the way you run your business."
He added: "I'd prefer Arsenal remained British-owned for traditional reasons. We, perhaps, have a deeper understanding of Arsenal than someone coming in from Timbuktu who puts down a billion pounds to buy it."
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