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!!!!