Arsenal chairman Peter Hill-Wood admits there is every reason to expect there will be further discussions with American billionaire Stan Kroenke over how his involvement within the club can be "extended".

The Gunners remain the only side in the top four to still be in English ownership, and have continued to reject suggestions they need a cash injection from a foreign benefactor.

Last year, Hill-Wood dismissed the interest of sports tycoon Kroenke, claiming he "did not want his sort" at Emirates Stadium.

However, that was before face to face talks with the American and representatives of his sports group, which also have interests in ice hockey, basketball, American football, as well as the Major Soccer League club Colorado Rapids.

Kroenke already owns 12 per cent of Arsenal following his purchase of the ITV broadband stake and his KSE (Kroenke Sports Enterprise) group already have a marketing link with the Gunners via the Colorado Rapids.

Hill-Wood believes this could be developed into a more formal arrangement as Arsenal look to force themselves back into contention for the Premier League title, having just fallen short this season.

Hill-Wood said: "He already has a major link with the club through the broadband rights, and there is every reason to expect that we shall discuss further how his involvement can be extended.

"Contrary to what I said before, I now believe he may well have a vital contribution to make to the future of this football club."