Arsenal managing director Keith Edelman has announced his departure from the club after eight years in office.
Edelman, who was responsible for overseeing the move from Highbury to the club's new Emirates Stadium home in 2006, has resigned after citing the need for a 'fresh challenge'.
The news of his departure will increase speculation concerning the ownership of the club.
Twelve months ago, David Dein stood down as vice-chairman following a disagreement with the club's board.
Meanwhile, American sports tycoon Stan Kroenke and Russian billionaire Alisher Usmano - who both purchased major stakes in the club - were linked with potential takeovers.
"Keith has played a major role in the growth of the club since he joined in 2000," said chairman Peter Hill-Wood.
"In that time we have successfully implemented the move from Highbury to Emirates Stadium that has underpinned the future of the business and confirmed our position as one of Europe's leading clubs.
"Under Keith's stewardship, the club has achieved record profits and the board owes him a debt of gratitude for his contribution."
Current director, Ken Friar, has been named acting managing director while the clubs seeks a permanent replacement.