Veteran Arsenal director Danny Fiszman, 66, died on Wednesday after a long illness, days after selling his shares to give US businessman Stan Kroenke a controlling stake in the London club.
The former diamond dealer joined the Premier League club's board in 1992 and had a 16.11 stake in the club which Kroenke purchased on Monday to give himself 62.89% ownership.
"Danny was a visionary director, a gentleman and a true Arsenal fan," Arsenal chairman Peter Hill-Wood said. "We are all deeply saddened by the loss of our dear friend Danny.
"His voice, wisdom and presence around the football club he so dearly loved will be sorely missed," added Hill-Wood.
"Arsenal Football Club will forever be indebted to Danny for his invaluable foresight and contribution during the move from Highbury to our new stadium."