He became chairman in 1982 and presided over the appointments of George Graham and Arsene Wenger as managers and they won five league titles, five FA Cups, the League Cup and European Cup Winners’ Cup between them.
Ill health forced Hill-Wood to step down from the position in June 2013.
Arsenal say he was also “instrumental” in the successful move from Highbury to Emirates Stadium in 2006.
He is survived by his wife Sally and three children Sarah, Julian and Charles.
Hill-Wood joined the Arsenal board in August 1962 and became chairman following the death of his father Denis.
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