Stan Kroenke, the Arsenal majority shareholder, is to reaffirm his support for Arsène Wenger at a board meeting to be held on Thursday as the club seeks to address the implications of recent setbacks and to define a strategy for the longer-term.

The American will fly to England on Wednesday as the London club – soundly beaten by Milan in the first leg of their Champions League knockout fixture last week, and eliminated from the FA Cup at the weekend – prepare to announce their half-yearly accounts. The figures will reveal profits of around £55m, money that Wenger could spend on team strengthening this summer, though that amount would have to include transfer fees and wages, both for new players and the re-negotiation of current deals.

Kroenke will arrive with those recent disappointments still raw and small shareholders, represented by the Arsenal Supporters' Trust (AST), demanding greater engagement with the billionaire amid concerns that spending has been curbed at the club against the potential failure of the team to reach Europe's elite competition next term. Arsenal currently occupy the fourth Champions League qualification place ahead of Chelsea on goals scored, though Wenger has already admitted failure to retain it would constitute a "disaster". Financially, it could cost the club an estimated £45m.

The issue of Robin van Persie's contract, which expires in 18 months' time, will be discussed at the board meeting – which Wenger will also attend as normal. The club's hierarchy are keen to initiate talks over a new deal, amounting to over £100,000 a week, before the end of the current campaign. Van Persie would prefer to open discussions after the summer's European Championships, once it is clear whether Arsenal have finished in a Champions League qualification place or not.

The likes of Tomas Rosicky, Theo Walcott and Andriy Arshavin, who is the subject of interest from Anzhi Makhachkala, will also be out of contract in the summer of 2013 with new deals, certainly for the Czech and England internationals, to be offered. There is concern, too, that Arsenal may be over-paying fringe players within their squad, and a desire to lower a wage bill that is the fourth highest in the Premier League.

The manager's own position is not under threat, despite the prospect of another trophyless season, with Kroenke expected to throw his support behind Wenger. The American is due to return home before the weekend and will not be attending Sunday's derby against third-placed Tottenham Hotspur.

The injured Arsenal centre-back, Per Mertesacker, believes his participation in the summer's European Championships with Germany is not under threat despite undergoing surgery on an ankle injury. The defender is currently in rehabilitation in Bavaria and is not expected to feature for Arsenal again this season after damaging ankle ligaments in the victory at Sunderland earlier this month.

"My participation in Euro 2012 is not in danger," said Mertesacker. "Dr Stockle in Tübingen did the operation on Tuesday evening, attached a piece of bone back to the ankle and patched up the deltoid ligament on the inside of the ankle. All went well and I am in Donaustauf, Bavaria, for the physical rehabilitation." Arsenal have loaned their midfielder Craig Eastmond to Wycombe Wanderers of League One until the end of the season.