Arsenal dump Dein, but how is (if he is) Kroenke involved?
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
[Source]
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.
ok guys as much as it is a shock lets face reality here,david dein has always been seen as a progressive mover behind the scenes always wanting to modernize and improve,the staid olde etonian valuesof the board (i.e the hill woods)have always seemed to be at odds with each other,the glue that binds them together was wenger,admittedly dein was the one who unearthed him but in wenger the hill woods see someone who upholds the basic traditions and values of what arsenal means.its intresting to note of recent times the soundbytes coming from wenger that seem to suggest that he would be against the selling of the club to foreign investors,this would be the first crack in the relationship between him and david dein.arsene wenger above all seems to weild enough power to actually effect things at a football club,ie wage structures,youth policy,the new stadium and actually running the club from top to bottom.whether this is a good thing or not time will only tell but have we seen a successful takeover yet,and i do include chelsea in that
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