Arsenal not for sale but chairman will meet billionaire

Arsenal chairman Peter Hill-Wood has ruled out following the likes of Chelsea, Man. United and Liverpool by selling out to foreign owners.

"The major shareholders have no intention of selling and wouldn't welcome an offer," Hill-Wood said.

However he did not rule out talking to Russian billionaire Alisher Usmanov, who bought a 14.58 per cent stake in the club last month from former vice-chairman David Dein.

"We will have a dialogue with any principal or major shareholder," Hill-Wood said. "If they've got some sensible proposals we'll listen to them."

Dein, who believes Arsenal need foreign investment to compete for the game's big prizes, quit the club in April because of his support for US billionaire Stan Kroenke. Kroenke bought a 12 per cent stake in the club.

Hill-Wood said he had no problem with foreign investors but said Arsenal would continue to be run on traditional business lines.