Arsenal remain the only club among the so-called Big Four not to have succumbed to foreign investment in recent years, a fact many believe is holding them back both on and off the pitch.
While Chelsea, Manchester United and Liverpool have spent big bucks on superstars, the Gunners have sought more thrifty options and focused on youth recruitment.
And despite a lack of silverware in the past few seasons, Hill-Wood is adamant that simply increasing the club’s financial clout will not solve everything.
“As for needing a billionaire to take you forward — that’s absolute rubbish. I don’t agree with that at all. Money is not the only thing that matters,” he said in an interview with News of the World.
“You don’t need to have billionaires. Bill Kenwright might need one to build Everton’s new stadium. You have a lot of people spending a lot of money and it doesn’t work.”
Manager Arsene Wenger (pictured) has taken much of the blame for the lack of depth in Arsenal’s squad, as the Frenchman has preferred to develop players within the club despite having a sizeable transfer-pot at his disposal.
But Hill-Wood lauded Wenger’s money management, insisting his unwillingness to pay over the odds will benefit the team in the long run.
He said: “Everyone tells Arsene how he ought to run the place but no-one is a better judge than him.
“We have plenty of money and enough to spend. We are not going to splash out stupidly. A lot of the prices clubs ask are ridiculous.
“Arsene has always been very sensible and doesn’t like spending silly money. We could spend more but at the moment we are pretty happy with the squad we have got.”
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