Hill-Wood: Arsenal do not need a billionaire

ARSENAL chairman Peter Hill-Wood insists suggestions the club need a billionaire backer are “lunacy”.

There has been much speculation the Gunners are ripe for a takeover, with the likes of Alisher Usmanov and Stan Kroenke having already taken a considerable stakeholding in Arsenal’s parent company.

Former Gunners vice-chairman David Dein – who controversially left the club in April – long held the opinion that the Gunners needed major foreign investment in order to compete with their Premier League rivals like Chelsea, Manchester United and Liverpool, who all have international backing.