Arsenal chairman Peter Hill-Wood defended the running of the club, after the club's second-highest share holder Alisher Usmanov launched a scathing attack in an open letter on Thursday.
Disappointed by the latest developments, when Robin Van Persie released a statement saying he would not extend his contract at Arsenal, Usmanov slammed the club's board and majority shareholder Stan Kroenke in a hard-hitting open letter.
Red & White Securities Ltd (RWS), fronted by Usmanov and Farhad Moshiri hold about 30% shares of the company.
Usmanov criticised Arsenal's policy of spending only what they earn, after the likes of the Arsenal chairman and several other board members made millions by selling their shares to Kroenke.
"You wouldn't say no to a few million pounds," Hill-Wood told the Guardian. "It was nice to make that money, but I was never involved in Arsenal for that reason.
"I was involved because I have been brought up to love Arsenal and that is my only concern.
"I do not know what he [Usmanov] is trying to do really, I don't think he is right."
Hill-Wood made £5.5 million ($8.5 million) from his sale while long-standing share holder Richard Carr made a cool £40 million ($62 million) selling to Kroenke in 2009. Lady Nina Bracewell-Smith, who like others inherited her Arsenal shares, made £116m ($180 million) from her sale to Kroenke last year while Danny Fiszman made £160 million ($248 million).
Usmanov wants Arsenal to end their stadium debt and also wants the shareholders to put in some money to the club. However, Hill-Wood argued the penalties for early payment of the debt make it impossible.
"It's simple to say we should put some money in, but it doesn't make any sense," Hill-Wood said. "We can't pay off the debt without huge penalties, and putting money in for any other reason doesn't make any sense at all.
"We give the manager as much money as we possibly can, and all we can do is continue.
We have run the club sensibly, and we haven't done badly; it's not as if we have been relegated."
Hill-Wood admitted Arsenal cannot compete with the likes of Manchester City on a financial scale. "We don't have the same oil wealth that (City's owner) Sheikh Mansour has. He is prepared to pay astronomical figures for players; we cannot pay that sort of money, and we can't compete."
Usmanov also wanted a younger perspective on the Arsenal board - most of the board members are well over 60, after Arsenal earned only £33 miilion ($52 million) in commercial income last year, £70 million ($108 million) less than Manchester United, despite the North London club's big following in emerging markets like Asia, Africa and the United States.
"It would be good to have some young people on the board, but it is not as easy for young people who have full-time jobs to do that now as it was when I was a young man," Hill-Wood said.
"However I do not think there is anything different we can be doing in the running of Arsenal."
Meanwhile, Arsenal confirmed Terry Burton's appointment as Reserves and head development coach. Burton takes over from Steve Bould, who was made Arsene Wenger's right-hand man after Pat Rice's retirement.