Josh Kroenke has promised that Arsenal will strengthen their squad even if they are crowned European champions for the first time and said rewarding Mikel Arteta with a new contract is an “utmost priority”.

Arsenal, who face Paris Saint-Germain in the Champions League final in Budapest on Saturday, spent more than £250m last summer on players who helped them win a first Premier League title for 22 years. Kroenke and his father, Stan, the club’s American owners and co-chairs, watched Arsenal at Crystal Palace on Sunday and brought the trophy on to the pitch before it was presented to the captain, Martin Ødegaard. They are expected to be at the final.

Kroenke Sports and Entertainment (KSE), the family’s sports empire, have won two Super Bowls, two Stanley Cups and the NBA Championship in the United States and Kroenke said there could be no standing still.

“Our stated goal was winning the Premier League, because if you can put yourself in contention for the Premier League, you’re in contention for everything else. In one sense, we’ve achieved one goal, with another one on the plate coming on Saturday. Should we get a great result it’s not going to change or affect who we are.

“[In] our experience of winning things in the States, when you win something, the sun’s still going to come up the next day. You’ve got to get back to work and there are many teams trying to gain on you, including some historically great ones around the Premier League. We’re going to look to strengthen because we know teams around us are going to get better. If you’re not trying to continually evolve and improve, you’re standing still.”

Asked whether winning the Champions League would take Arsenal to the next level, he said: “One of the most fun questions I’ve been asked over the past couple of weeks before we clinched the Premier League was ‘Which one? Which one means more?’ Which one? The one we don’t have. But champions of England sounds pretty good and champions of Europe could sound even better.

“We think we have a chance. We have very strong foundations in place to continue to build and try to sustain. Getting the foundations in place is usually the hardest part of the journey. Now we have all this, it is about trying to stay at the top knowing everyone is trying to climb the mountain after you.”

Arteta’s contract expires at the end of next season and it is understood talks will resume over a lucrative extension when Arsenal’s campaign is over. Kroenke paid tribute to the manager’s impact since replacing Unai Emery in 2019.

“Keeping Mikel around is [an] utmost priority and the good news for Arsenal fans worldwide is he’s enjoying the project, he’s enjoying being here and from his time as a player all the way up until now, he’s an Arsenal man through and through,” Kroenke said.

“When we pivoted from Unai and came into Mikel, the conversations were all about culture and reinventing that, perhaps taking a step back to go forward. Mikel really embraced that, especially the cultural aspect.”

Kroenke has played a much more active role since KSE took full control of Arsenal in August 2018 after buying out Alisher Usmanov’s shares for £600m. He remembered their 4-1 defeat against Chelsea in the following year’s Europa League final in Baku as the moment he urged his father to reconsider their approach.

“We were straddling strategies at the time,” he said. “We had been out of the Champions League for a year or two, we were trying to bring some younger players into the squad, but not get too inexperienced to keep pushing for the league.

“I flew all the way to Baku for the worst 45 minutes of that season. We gave up four goals. Seeing that happen was the first time where I came back from that trip and I told my dad that we need to really embrace where we are: ‘Now that we have 100% of the club we might need to take a step back to go forward at some point.’”

Since Arteta was appointed, Arsenal have spent almost £1bn on transfer fees. There are also plans to put money into renovating the Emirates Stadium, a project led by the chief executive, Richard Garlick.

“We’re starting these exercises with some of our advisers, but the Emirates has been an amazing stadium for us,” Kroenke said. “We took it to a different level this year – that’s credit to Mikel and those players. But there’s some character I want to make sure we’re preserving and bringing back to the ground as well. I think we can do that in a very elegant manner that’s really to the benefit of Arsenal.

“We do this stuff in the States in our facilities and our teams. We take great pride in it so we have a chance to come over and really give the supporters an elevated matchday experience.”