Arsenal's uncertain future at boardroom level could be resolved over the next 72 hours.
American businessman Stan Kroenke, who also owns the St Louis Rams NFL team, is currently the club's largest shareholder and stands on the threshold of launching a a mandatory full takeover bid.
'Silent Stan' has until Monday to decide whether to accept an offer from Shahid Khan, another American businessman, to sell 40 per cent of his stake in the American football team.
The sale would raise $300m (£155m) for Stan to, at the very least, top him over the 30per cent stake required to make a full takeover bid for Arsenal.
Kroenke is known to be favoured by the rest of Arsenal boardroom and was last year offered a seat among them in a bid to fend off interest from Uzbek billionaire Alisher Usmanov.
Usmanov owns 25 per cent of the north London club but is yet to be offered the same position as Kroenke.
Furthermore, Arsenal have in place a lockdown agreement until 2012 which ensures first refusal on sale of shares is given to fellow board members.
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Former member Lady Nina Bracewell-Smith could hold the key to the club's future. She was unceremoniously ousted form the board last year yet kept her 15 per cent shareholding.
Kroenke is likely to hold fire on any move until the end of the season as the Gunners continue to fight for the Premier League trophy. The value of shares is also likely to drop from about £10,500 each to £8,500 on May 1, saving the American about £90m.
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