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Arsenal DO Agree Extension

Arsenal DO Agree Extension

After reporting all of 2 minutes ago that news was filtering through of an extended lockdown period from the Arsenal board, official word arrives from the club.

Amazingly the boards agreement has been extended for a further TWO YEARS with an agreement that any member wishing to sell shares must first offer them to members bound by this agreement. This will be in place for a further FIVE YEARS.

I'll let Peter Hill-Wood explain it to you properly.

"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.' PHW says on the official website.

"Under the new agreement, the Board members have agreed not to dispose of any of their interests in the Club before 18 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. The agreement is for five years (until 18 October 2012), although it can be terminated early by the parties on its third anniversary (18 October 2010)."

So it doesn't look as though Jabber The Uz will be getting his hands on our club anytime soon.

Great work by the board of Arsenal Football Club.

Up the Gunners!!!!



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Writer:Rocky7
Date:Thursday October 18 2007
Time: 12:20PM

Comments

0
Oh you've seen it now lol. Great news.
saisho
18/10/2007 12:26:00
0
I was already beavering away as you left your message ..... lol
Rocky7
18/10/2007 12:27:00
0
Gooooooooooooooo board! Are they the coolest grandparents or what?
afri-gooner
18/10/2007 12:28:00
0
And what you haven't mentioned (but it's even cooler), is that not only has Hill-Wood basically offered Wenger a place on the board, but backed Arsene to succeed him as chairman one day!!! Hasn't that job been in the Hill-Wood family for 3 generations?
afri-gooner
18/10/2007 12:30:00
0
LMAO @ AG. This current selection of board members certainly do have the clubs best interest at heart. I wonder if their decision was helped along by the outcry coming from the Gooners?
Rocky7
18/10/2007 12:31:00
0
That article is on the way AG, this news was more important though!!
Rocky7
18/10/2007 12:32:00
0
Good news and shows great commitment by the current board. I see they have also added some shareholder benefits in order to encourage some of the smaller shareholders to hang onto their shares. That has to be good. Kroenke doesn't seem to be involved in the lockdown but that isn't too significant yet. It does mean that Usmanov has to contemplate not being able to control the club at anytime in the near future though hopefully it won't allow too many small shareholders to feel that they can sell their shares without inflicting any damage on the stability of the club. The board now has time to develop a long term plan to secure the independence of the club away from any single owner.
Amos.
18/10/2007 12:57:00
0
perfectly timed before the AGM too. This will answer a number of questions before they are even asked. Hats off!
G4L
18/10/2007 13:51:00
0
or was it an opening statement at the AGM?
G4L
18/10/2007 13:57:00
0
Congrats gooners, I think that will make usmanov go away for good.
k_chelski
18/10/2007 13:58:00
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