Arsenal chairman Peter Hill-Wood insists the club can continue to compete with their wealthy rivals without selling out to a billionaire "sugar daddy".
The arrival of the Abu Dhabi United Group looks likely to transform Manchester City into major players in the coming seasons. Liverpool and Manchester United have been taken over by American owners in recent years, while Chelsea continue to be bankrolled by Roman Abramovich.
But Hill-Wood said: "We obviously cannot compete with the money Manchester City have so there's no point in trying."
"But I'm sure we can compete with these clubs in different ways. Money is not all that matters. You can buy what you think is the best 11 in the world but they might not play as a team," he added.
Hill-Wood is adamant Arsenal can cope without a takeover, despite the arrival of US businessman Stan Kroenke on the club's board.
"If we looked for an outside benefactor then that would lead us to become a business that's unsustainable," he said.
"I don't think it's our way to expect some sugar daddy to top up our coffers each time you overspend. I don't think it's a help, it makes you very slack in the way you run your business."
He added: "I'd prefer Arsenal remained British-owned for traditional reasons. We, perhaps, have a deeper understanding of Arsenal than someone coming in from Timbuktu who puts down a billion pounds to buy it."
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