Dein Leaves Arsenal In Takeover Row - 18/04/2007

Arsenal director David Dein has left the club with immediate effect and ceased to be a director. Chairman Peter Hill-Wood stated, 'We sincerely regret that irreconcilable differences between Mr Dein and the rest of the board have necessitated a parting of the ways.' It is believed that Dein, who chairs the G-14 group of commercially oriented clubs, was more favourably disposed to a possibility of a takeover by American Stan Kroenke. Dein still owns 14.5 per cent of the shares in the club. If he sold his stake to Kroenke, the American sports businessman would then have a stake of over 25 per cent. However, the remaining directors who together hold 45.45 per cent of the shares have moved to reassure shareholders and supporters. They have entered into an agreement not to dispose of their shares for at least one year. They have also 'confirmed that they intend to retain their interests on the expiration of this period.' This certainly postpones any takeover, but the wording does not completely close the door after the 'cooling off' period has ended.