Dein makes shock Arsenal exit
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Dein makes shock Arsenal exit
Arsenal have revealed that vice-chairman David Dein has left the club, but have moved to dispel fears that they could be about to agree a sale to American businessman Stan Kroenke.
Dein - one of the leading figures in the English game for over 20 years - has ended an association that goes back to 1983 when he first joined the board at Highbury.
In the same statement, Arsenal emphasised that the club was not about to sell up to Kroenke Sports Enterprises - run by Stan Kroenke, who recently bought an 11 per cent share of the club.
It is reported that Dein - who still owns 14.5 per cent of the club's shares - was keen on selling to Kroenke, but that was in stark contrast to the remaining shareholders Danny Fiszman, Lady Nina Bracewell-Smith, Hill-Wood and the Carr family.
The Gunners have now confirmed that Dein - who is still chairman of the G-14 group - has departed Emirates Stadium after he clashed with fellow members of the board.
"On behalf of the Board I would like to express our gratitude to David Dein for the many years of loyal service he has given to the club," chairman Peter Hill-Wood told the club's website.
"We sincerely regret that irreconcilable differences between Mr Dein and the rest of the board have necessitated a parting of the ways."
Arsenal then added that their current board was not looking to sell.
"In light of recent speculation with regards to the ownership of the club, the remaining board members, who together own 45.45 per cent of the issued share capital of the company, would like to reassure the supporters, shareholders and employees of Arsenal Football Club that they remain long-term holders of their interests in the club," read the statement
"To this effect, they have entered into an agreement not to dispose of their shares for at least one year and have confirmed that they intend to retain their interests on the expiration of this period." -
Dein forced out as Arsenal board flexes its muscle
David Dein, a director and major shareholder of Arsenal for 24 years and a wielder of influence in the corridors of football politics, left the club yesterday with immediate effect. A brief statement from the club announcing his shock departure did not, significantly, say that he had chosen to resign. Instead the Arsenal chairman, Peter Hill-Wood, said there were "irreconcilable differences between Mr Dein and the rest of the board" that "necessitated a parting of the ways".
The statement did not elaborate further on those differences but there is no question they relate to Dein's position over the recent moves by the US billionaire Stan Kroenke to buy 11.26% of the shares in the club. That led to widespread speculation that Kroenke would make Arsenal the next Premiership club to be owned by a US investor.
Hill-Wood did not say he had talked to Dein. In fact, it is believed Dein had met Kroenke and was more sympathetic to a sale and potential investment by the American in the club. Hill-Wood was also known to be furious that Kroenke bought ITV's 9.9% stake in Arsenal a fortnight ago and further shares in the club without formally talking to the board first. According to club sources, the other directors felt the resulting instability caused by speculation about a Kroenke takeover was "not Arsenal's way of doing things".
Announcing that Dein, the club's vice-chairman, had "left" Arsenal and "ceases to be a director of the club with immediate effect", Hill-Wood said in his statement: "On behalf of the board, I would like to express our gratitude to David Dein for the many years of loyal service he has given to the club. We sincerely regret that irreconcilable differences between Mr Dein and the rest of the board have necessitated a parting of the ways."
Dein has had his differences with the rest of the board before - he was not initially a supporter of building the new stadium - but the fact that the latest row has led to his departure illustrates the strength of feeling among the other directors. He had held a position on the Arsenal board since buying 16% of the club for £292,000 in 1983.
Hill-Wood famously described Dein as "crazy" at the time, saying: "To all intents and purposes it's dead money." But Dein went on to make a fortune from selling chunks of his Arsenal shares to Fiszman and from the handsome salaries paid to directors since football's fortunes have boomed. Last year he was paid a £250,000 wage and a £250,000 bonus. Now, after the apparent discussions with Kroenke, he has gone. With no position at Arsenal he will lose his chairmanship of the G14 group of major clubs too, his most recent step in a remarkable climb up football's political ladder.
The other directors, including Fiszman, Bracewell-Smith and Carr, took the opportunity yesterday to restate their opposition to a takeover of the club. "The remaining board members," the club's statement said, "who together own 45.45% of the issued share capital of the company, would like to reassure their supporters, shareholders and employees of Arsenal Football Club that they remain long-term holders of their interests in the club. To this effect, they have entered into an agreement not to dispose of their shares for at least one year and have confirmed that they intend to retain their interests on the expiration of this period." -
Arsene Wenger's future as manager of Arsenal has been thrown into doubt after his biggest boardroom ally walked out in a move widely linked to US billionaire Stan Kroenke's reported desire to buy the club. David Dein, the Gunners vice-chairman who brought Wenger to north London in 1996, quit the club late Wednesday because of unspecified "irreconcilable differences" with the rest of the board.
The move immediately sparked speculation that Dein was ready to sell his 14 percent stake in the club to Kroenke, who has already acquired 11 percent of the tightly-controlled Arsenal shares. If that was to happen, Kroenke would become the biggest shareholder in the Gunners, currently valued at 420 million pounds.
But he would remain short of the 30 percent required to trigger an automatic takeover bid under UK corporate law and the remaining board members, who together account for just over 45 percent of the shares, have agreed to hang on to their stakes for at least the next year.
Analysts suggested that the stance of the board, led by chairman Peter Hill-Wood, made a takeover unlikely in the short term. But there is certainly scope for a power struggle which could put Wenger's future on the line. The Frenchman's contract expires at the end of next season and Arsenal have yet to engage the most successful manager in the club's history in discussions on an extension.
As well as having recruited Wenger, Dein worked closely with the Frenchman on transfer deals -- his discreet negotiations helping Wenger forge a reputation for rarely making a bad call or paying over the odds. Arsenal are the only one of England's big four clubs not in foreign hands. -
damn shocking. now wad arsenal need to do is to get money from investors to improve the squad. it could all go down hill from here