Josh Kroenke admitted Arsenal is not currently able to compete for top trophies right now.

Stan Kroenke was criticised by Arsenal supporters' groups on Monday in a two-page letter that labelled the American billionaire "passive" and "absent" and using the club as an "investment vehicle."

"As much as we would love to say that we'll be competing for the top trophies tomorrow, we know that that's not the case and that we have to get to work on that," Kroenke said in an interview on the club's website.

Arsenal finished fifth in the Premier League last season.