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Gunners board stand firm
18 Oct 2007 - 13:33:55
Arsenal's current board of directors have extended the lock-down agreement which should stave off the threat of a hostile takeover of the Premier League club.
The deal is mainly aimed at preventing Russian billionaire Alisher Usmanov from gaining control of the Gunners, with his company Red and White Holdings holding a stake of around 23 per cent in the club.
Chairman Peter Hill-Wood confirmed: "Members of the board are committed long-term shareholders and to strengthen the current position they have entered into a new agreement which replaces the existing lock-down agreement.
"Under the new agreement, the board members have agreed not to dispose of any of their interests in the club before April 18, 2009, other than to certain permitted persons, such as close family.
"After that date, for the remainder of the term of the agreement, they can only sell their shares to another person if the other parties to the agreement do not wish to buy them.
"The agreement is for five years although it can be terminated early by the parties on its third anniversary, 18 October 2010."