The Gunners have failed to win the league since the 2003-4 'Invincibles' season and will only finish third again this term, despite playing fantastic football at times.

In a results business, their French midfielder Mathieu Flamini, who has signed for AC Milan, says he might have stayed if they had won the league.

But Hill-Wood has dismissed any doubters and has re-iterated his belief in manager Arsene Wenger and his ability to turn things around in the long-term.

He told the News of the World: "I don't feel depressed about it. Overall, it has not been a bad season. Other clubs would have been happy to be in our position.

"Clearly we want to win but can we survive when we don't win year in, year out? Yes, we can. We will start next season with the aim of winning something.

"But if we don't, I will not be jumping off Tower Bridge. Winning matters but it wouldn't be a disaster if we don't win something.

"It's not easy winning the Champions League and the Premier League. There is only one winner and we have no divine right to win a trophy.

"I was very happy with the way we played but we are in the results business and I suppose I am disappointed with the final result. I don't feel depressed about it. We had a better season than many people thought we would."

Wenger has been criticised in some quarters for not improving his squad in the January transfer window.

Hill-Wood denied that there was not money there for signings but backed his manager's dealings in the transfer market.

He said: "We have never denied Arsene Wenger a penny. Whenever he has wanted to buy, he has. What he is not prepared to do is to buy a big name that everyone will be happy with until they see him play.

"He is a very good judge. He has brought in so many world-class players, some of whom people hadn't even heard of, and I'm sure he will continue to do that.

"He is not happy that we didn't win anything. He takes it very much to heart but he seems to have recovered now.

"It's laughable to think he doesn't have the support of the board. We are very happy with him and he with us."