Arsenal Holdings plc (the “Company”) announces that David Dein has left Arsenal Football Club and has ceased to be a director of the Company.
Peter Hill-Wood, Chairman of the Company, would like to express his gratitude for the many years of loyal service given by David Dein to Arsenal Football Club and regrets that irreconcilable differences between Mr. Dein and the rest of the board have necessitated a parting of the ways.
In light of recent speculation as to the ownership of the Company, the remaining Board members (together, the owners of 45.45% of the issued share capital of the Company) would like to reassure the shareholders, employees and fans of Arsenal Football Club that they remain long-term holders of their interests in the Company.
To this effect, they have entered into an agreement not to dispose of their interests in the Company for at least one year and have confirmed that they intend to retain their interests on the expiration of this period.
Arsenal Holdings Plc.
18 April 2007
Props to Arseblogger for getting this story out before Sky Sports and BBC.
I’ll let you guys spin the story on this one, but there are only two ways I see this falling.
One, David Dein wanted Kroenke to takeover and help Arsenal go forward while the rest of the board (and Wenger) thought that Arsenal could manage quite well on their own.
Two, the board wants to sell Arsenal in an year and will offer Kroenke a place on the board. David Dein disagreed, so he’s left.
This part of the statement may shed more light on this:
In light of recent speculation as to the ownership of the Company, the remaining Board members (together, the owners of 45.45% of the issued share capital of the Company) would like to reassure the shareholders, employees and fans of Arsenal Football Club that they remain long-term holders of their interests in the Company.
To this effect, they have entered into an agreement not to dispose of their interests in the Company for at least one year and have confirmed that they intend to retain their interests on the expiration of this period.
It’s all speculation at this point, but evidence (and people’s opinion) is going for choice one (Dein wanting Kroenke) rather than choice two (Dein against Kroenke involvement) as the primary reason for departure.
It could be neither, but it’s too much of a coincidence in timing to be anything else. We’ll know more by tomorrow, I’m sure.
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