Arsenal have agreed an extended revision of the lock-down agreement over any potential sale of their shares.
Board members add security to shares
Arsenal have agreed an extended revision of the lock-down agreement over any potential sale of their shares.
Following the club's annual general meeting, chairman Peter Hill-Wood announced that club directors can only sell their stake to 'permitted persons' before April 2009, and are obliged to give fellow board members 'first-option' until October 2012.
This replaces the existing deal which was due to expire in April 2008 and will be seen as another safeguard against the possibility of a takeover.
The agreement follows Russian billionaire Alisher Usmanov's move to secure 23 per cent of shares in Arsenal.
Hill-Wood explained the agreement and spoke of the club's intentions to retain their solidarity and traditional values.
Strengthen
"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 which expires next April," Hill-Wood told the club's official website.
"Under the new agreement, the board members have agreed not to dispose of any of their interests in the club before 18th April 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.
Stability
"The agreement is for five years (until 18th October 2012), although it can be terminated early by the parties on its third anniversary (18th October 2010).
"I would like to take this opportunity to emphasise to all shareholders that the Arsenal board is committed to the principle of developing the long-term stability of the club through maintaining a business that pays its own way.
"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 which expires next April."
