Arsenal have abandoned their search for a director of football and will appoint two new directors to replace the high-profile departures from the board. The club have been interviewing for a chief executive officer (CEO), to manage the business, and a chief finance officer. Keith Edelman was appointed finance officer in 2000, but later oversaw much of the two roles. He received a £2 million payoff when he was dismissed as managing director earlier this month.

Arsenal’s priority had been to bring in a director of football to succeed David Dein, the former vice-chairman, who negotiated transfers and contracts before he was dismissed in April last year. Those responsibilities will soon fall to a chief executive officer.

Danny Fiszman, the Arsenal director, said: “The CEO will work with the manager, negotiate player purchases, sales and wage contracts.”

Fiszman would not say how much Arsène Wenger, the manager, will be given to spend on players, but said that the club’s wage bill was in line with Manchester United and greater than that of Liverpool.

“We don’t want the disparity between the top and bottom earner being too big,” he said. “It is not a big name, it is big talents and committed players we are after. We have never said no to Arsène so whoever he wishes to bring in, he will be fully supported.”

Fiszman also reiterated that the club will maintain a self-sustaining financial model. “We don’t believe in the benefactor model,” he said. “Everybody, including Chelsea, knows there are limits.”