Imagine if Sir Alex Ferguson had to face 500 Manchester United supporters and answer questions about why his players were not scoring enough goals and why he was not spending more money in the transfer market. Arsène Wenger faced a similar test yesterday and the Arsenal manager came through the ordeal with his reputation enhanced. Speaking at Arsenal’s annual meeting at the Emirates Stadium, the Frenchman turned on the charm and urged supporters and shareholders to back his policy of relying on the exuberance of youth to end the club’s four-year wait for a trophy.

“I feel that this team does not get the support it deserves,” Wenger said. “Last year we were close to winning the championship, finishing just four points behind Manchester United. Instead of showing resentment, we have to believe in our team more than ever because this team will deliver.”

Arsenal rolled out the red carpet for Stan Kroenke after the American businessman, who owns about 12 per cent of the club, arrived in London to attend the meeting. Sitting next to Wenger, Kroenke listened as Peter Hill-Wood — the chairman who said that he did not want Kroenke’s sort at the club last year — reassured shareholders that the club’s strategy of relying on young players and not splashing out in the transfer market meant that they are ideally placed to cope with the global financial downturn.

While the board has softened its stance towards Kroenke to such an extent that the American was signing autographs for shareholders after the meeting, Hill-Wood made it clear that he would continue to resist the advances of Alisher Usmanov, the Russian billionaire who owns about 25 per cent of the club. “We are not going to sell up,” Hill-Wood said. “We will not hand the club over to someone who hasn’t got Arsenal blood in the veins.”

Ken Friar, the acting managing director, announced that turnover had risen by £22.2 million to £223 million for the year ending May 31, 2008 and that spending on wages had increased from £89.7 million to £101.3 million.

Moving to the Emirates Stadium has transformed the club’s capacity to generate income but at a cost. Arsenal borrowed heavily to build their new stadium and to develop Highbury, their former ground, into residential units. The club’s debt has risen to £318 million and they are saddled with a mortgage of £250 million that costs about £20 million a year to service. Profits in 2008 rose by almost £10 million to £36.7 million.

“Our business model is robust,” Hill-Wood said. “Our philosophy of self-sustainable development is in the best interests of the club.”

There had been fears that the downturn in the London property market would affect the club’s ambitious plans for Highbury, but Hill-Wood revealed that 598 of the 655 flats marketed had been sold and that only two purchasers had defaulted on their agreements. “It’s not all doom and gloom,” Hill-Wood said. “They’re selling, although we are anticipating a slowdown in the property market.”

After Hill-Wood had finished speaking, Wenger made a speech outlining his vision for the club before fielding questions from shareholders about his players and his strategy in the transfer market. One wanted to know why his players passed the ball to each other ten times in the penalty area before shooting and another asked whether he would be explaining the offside law to Kroenke. “I can’t even explain the offside rule to my wife,” Wenger said, before admitting that his players were sometimes guilty of overelaborating in their approach play.

The meeting began with Hill-Wood revealing that the board was close to appointing a new chief executive and ended with Wenger’s announcement that Eduardo da Silva, the Croatia forward, would be ready to play in three weeks. He added that Tomas Rosicky, the Czech Republic midfield player, would be fit in January after a hamstring injury.