Stan Kroenke, the notoriously taciturn American billionaire who owns 28.9 per cent of English soccer club Arsenal, refused to answer questions concerning his future takeover plans at the club's AGM on Thursday.

Should Kroenke acquire just one per cent more of the shares in Arsenal, he would be obliged to make an offer for the remaining shares. It is a situation Peter Hill-Wood, the club's chairman, admitted recently was likely to happen, saying last week, "It does look like he is edging towards a takeover, which I would welcome." However, Hill-Wood insisted on Thursday that the board are not looking to sell.

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Faced with a question from a shareholder on his future plans, Kroenke remained silent, allowing Hill-Wood to answer: "I don't think we are looking for a change in custodian. I think you will find the club is in pretty good hands. I believe he [Stan] is happy to be a long-term shareholder in our club. Really its not for me to say what his intentions are."

Hill-Wood also made light of the challenge of local rivals Tottenham Hotspur to Arsenal's place in the Premier League's top four clubs, saying: "We haven’t got $500 billion to put into the club, but I don’t consider Tottenham and Aston Villa rivals, frankly."