 Arsenal announced profits of £37m in September
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Arsenal chairman Peter Hill-Wood insists that a boardroom reshuffle will not alter the club's policy of keeping the club's ownership in-house.
It was announced on Wednesday that Lady Nina Bracewell-Smith, Arsenal's third-largest shareholder, had left the club.
Her departure means she is removed from a lockdown brought in to stave off external takeover attempts.
However, Hill-Wood told the Arsenal website: "Lady Nina is an advocate of the policies we have been following."
Bracewell-Smith, who owns a 15.9% stake in the club, and long-standing board member Richard Carr have left the board of Arsenal's holding company, although Carr will remain on the football club's board.
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DaStuDawg
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The restructuring comes ahead of Ivan Gazidis' tenure as chief executive from 1 January.
Bracewell-Smith's departure weakens a lockdown, which was brought in to prevent any possibility of a takeover.
Unlike Manchester United, Chelsea and Liverpool, Arsenal remain under British ownership and have so far resisted attempts by overseas investors to take a controlling share.
However, Uzbekistan metals magnate Alisher Usmanov owns 24% through his Red & White Holdings company, having initially bought former vice-chairman David Dein's 14.5% stake in the club.
And American sports tycoon Stan Kroenke, who holds around a 12% stake in the Gunners parent company, accepted an offer to become a non-executive director on the Arsenal board in September as ties with his Kroenke Sports Enterprises group were strengthened.
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The philosophy of the club remains the same. Our efforts are directed towards stability and making the club successful
Arsenal chairman Peter Hill-Wood
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If Bracewell-Smith's shares were to become available, Usmanov could pass the 30% mark which would force a formal takeover bid.
However, if Kroenke were to buy the shares, he would become the majority shareholder with a 27.9% stake.
Hill-Wood, though, insisted it remains business as usual at the club.
"Lady Nina is no longer representing the club and therefore is released from the lockdown. However it was created to maintain stability in the club and those participants are committed to maintaining the ownership structure as it is," he said.
"I don't know for certain what she wants to do with her shares. I do know that the Bracewell-Smith family have been involved with the club for many, many years and are great supporters.
"We hope that she would remain a shareholder but she has not spoken to me about it lately. She is no longer in the lockdown so she is free to do what she wishes to do.
"The philosophy of the club remains the same. Our efforts are directed towards stability and making the club successful. Changes of personnel will not alter the directors' view of how we should proceed in the future."
Hill-Wood added that if the shares were to become available, existing board members could buy them to prevent them being bought by external investors.
"The board is very keen to retain control of the club to ensure that its values and traditions are upheld and live on for many years to come," he said.
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