A signed letter called on him to "reinvigorate" Arsenal with a boardroom overhaul and accused him of using Arsenal as an "investment vehicle".

It is the first time so many fans have joined forces to express dissatisfaction with the billionaire.

"We respectfully disagree about being at a crossroads," Kroenke said.

In the open letter to fans, American Kroenke added that the club had already embarked on creating a "modern infrastructure" which now saw them led by a head of football and a managing director, with the recent addition of former player Edu as their first technical director.

"For us, the most important thing to achieve was not simply change for the sake of change, but to ensure we put the right people in the right roles to work together in a positive environment to achieve our stated goal of winning silverware both domestically and in Europe," he added.

"We know this can bring uncertainty, and perhaps everything we've done in the past 12-14 months has brought about additional uncertainty during a period of unease when supporters, coaches, players and management are rightfully frustrated by lack of success on the pitch.

"With all the work we've done on the structure of football, commercial and operational departments, we would say that the club now needs a period of stability rather than additional change."

The groups that signed the original letter also said the club's approach to player transfers and salaries "looks uncoordinated and appears to lack in strategy".

Kroenke responded by suggesting Arsenal "must be aggressive and creative in the modern-day transfer market".

The Gunners last won the Premier League in 2004 and losing the Europa League final to Chelsea in May meant they missed out on Champions League football for the third season in a row.