Stan Kroenke has refused to clarify his intentions at Arsenal despite coming under pressure from shareholders at today's annual meeting to declare whether he plans a takeover bid at the club.

The American billionaire, who attended the meeting at the Emirates Stadium in person, refused to explain why he had increased his stake substantially in recent months after being asked directly by shareholders.

Kroenke explained that he had received legal advice telling him he did not have to talk about the reasons behind his decision to invest about £160million in the stock, to just short of a level that would trigger a mandatory takeover bid.

Peter Hill-Wood, the Arsenal chairman, backtracked on comments he made last week when he said he would "welcome" a takeover from Kroenke, having originally warned the American that Arsenal would not welcome "his sort" when he began buying shares two years ago. "I don't think we are looking for a change of custodian," Hill-Wood said. "The club is in pretty good hands. With your support we would like to think we would continue that way."

Hill-Wood explained that legally he was unable to discuss Kroenke's involvement but said he believed the American was committed to the long-term.

"I believe that he is very happy as a long-term shareholder of the club. He sees it as a good investment and I agree with him," Hill-Wood added. "Getting involved in what his intentions may or may not be is not something I can discuss. There are rules and regulations and I have to be terribly careful what I say. Our lawyers have asked me to keep my mouth shut."

Arsenal’s promising start this season ensured an upbeat tone to the meeting at the Emirates Stadium, in contrast to the confrontational atmosphere when shareholders previously had an opportunity to question the club, in May, after a fourth consecutive season without a trophy.

Arsene Wenger, the manager, received two standing ovations and presentation on his 60th birthday, two years after the club unveiled a bronze bust of the Frenchman. Wenger was happy to answer questions from shareholders and reaffirmed his belief in his young team.

"I know that we haven't won a trophy for four years but we were very close," he said. "I believe that this year the team will do it. When I say that, it is not to please you, it is because I am really convinced of it."

Power players

Stan Kroenke (28.86 per cent): The American is the largest stakeholder and has been perceived as the club’s saviour, without saying anything about his intentions. He owes nearly £50 million to Danny Fiszman and Richard Carr after share agreements.

Alisher Usmanov (25): Began buying shares rapidly at inflated prices, but missed his opportunity to launch a takeover after gaining fan support when the team were faltering.

Danny Fiszman (16.11): Kicked off the takeover speculation when he sold 659 shares at £5,975 each in 2007, unknowingly to Kroenke. He told fellow board members that he wanted to round down his holding to 15,000 shares. Moved to Switzerland.

Lady Nina Bracewell-Smith (15.9): Dismissed from the board in December, she has regained her directors’ box seats. Her stake could prove important if she sides with Usmanov.

Arsène Wenger (no holding): Perhaps the most significant player. As long as his team are performing, there will be little pressure from fans for a takeover from a rich benefactor. That could change if the side finish outside the top four or without a trophy.

Hill-Wood family (1.04).

Others (13.09)