Hill-Wood said when the latest Highbury figures were announced: 'The new stadium project continues to play a significant role in our current finances.'
He stressed, however, they were committed to go ahead with the move.
Arsenal have always insisted that money to strengthen their squad has been ring-fenced and that financing the new stadium will never affect funding the team.
It is difficult to know where the demarcation comes, however. Wenger knows that, if United are to be challenged next season, he needs to refresh his squad.
Yet Sportsmail believes his transfer kitty for the summer is only £ 10m unless he generates more from the sale of players on his existing staff.
Neither Bergkamp nor Ljungberg has had much impact on the side this season and Jeffers, though he has suffered with injuries, has failed to command a first-team place. Another player who may be shown the door is Nigeria's Kanu.
There is the problem, too, of players nearing the end of existing contracts. The time has come to renegotiate with Pires and to look at the long-term ties for captain Patrick Vieira and the club's goal-scoring jewel Thierry Henry.
