Arsenal will maintain their ''philosophy'' and ''heritage'', according to chairman Peter Hill-Wood - despite changes in the boardroom which are set to reignite takeover speculation.
The departure of major shareholder Lady Nina Bracewell-Smith from the company board was announced last night, along with Richard Carr, a director for 27 years.
However, Carr will remain on the board of the Barclays Premier League club while new chief executive Ivan Gazidis will join both boards on January 1.
It is, though, what Lady Bracewell-Smith, whose family have a long association with Arsenal, will now do with her significant holding of just under 16% which is sure to be of concern to Gunners fans.
Arsenal are the last remaining member of the Premier League 'big four' to be in British ownership, and the board all signed up to a lockdown agreement meaning the first option on any sale of shares must be given to existing board members until 2012, so as to stave off any potential hostile bid from outside.
However, Hill-Wood could offer no guarantees of where Lady Bracewell-Smith's holding may eventually now end up.
American sports tycoon Stan Kroenke, who holds around a 12% stake in the Gunners parent company, accepted the offer to become a non-executive director on the Arsenal board in September as ties with his Kroenke Sports Enterprises group were strengthened, and he could be tempted to invest further.
However, Uzbekistan metals magnate Alisher Usmanov - who bought into Arsenal when he paid former vice-chairman David Dein around £75million for his 14.65% stake - is certainly one likely interested party as his Red & White Holdings company look to increase their holding, which currently stands around 24%. If that were to reach 30%, then under financial legislation, a formal takeover approach would have to be launched.
Arsenal manager Arsene Wenger has always made it clear any speculation surrounding the club's ownership will not affect how he approaches his job.
And Hill-Wood maintained: ''The philosophy of the club remains the same. Our efforts are directed towards stability and making the club successful.
''Changes of personnel will not alter the directors' view of how we should proceed in the future.
''All the directors love the club and are committed to maintaining its heritage.
''Acting in the best interests of the club is fundamental to the decisions we take on behalf of Arsenal.
''The directors feel the club's future is positive both on and off the field.''
Hill-Wood hopes the Bracewell-Smith family will remain shareholders, but indicated current board members - who include director Daniel Fiszman, the largest stakeholder in the club with 24.11% - would be keen to ''retain control'' in their own hands.
''Lady Nina is no longer representing the club and therefore is released from the lockdown,'' the chairman confirmed to the club's official website, www.arsenal.com.
''However it was created to maintain stability in the club and those participants are committed to maintaining the ownership structure as it is.
''I don't know for certain what she wants to do with her shares. I do know that the Bracewell-Smith family have been involved with the club for many, many years and are great supporters.
''I know that Lady Nina is an advocate of the policies we have been following to make the club self-sustaining and free from external injections of money. She has certainly been in favour of what we are doing.
''We hope that she would remain a shareholder, but she has not spoken to me about it lately.
''She is no longer in the lockdown so she is free to do what she wishes to do.''
Hill-Wood added: ''A number of the board have indicated in the past that they are interested in buying more shares so the future stability of the club is secure.
''The board is very keen to retain control of the club to ensure that its values and traditions are upheld and live on for many years to come.''
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