Usmanov's Arsenal quest over?

Arsenal have announced at their AGM this morning that there is a new initiative in place that could protect the club from a takeover for the next five years. Under the new terms, directors will only sell their stake to 'permitted persons' before April 2009 and have to give fellow board members 'first option' until October 2012.

The Arsenal board of directors own some 45 percent of the shares between them, and maintain they can count on the unequivocal backing of many smaller stakeholders such as the Arsenal Supporters Trust as well as those with family ties to the club.

Like Hill-Wood, managing director Edelman believes this latest move by the board will now end all talk of a hostile takeover and help stabilise the club off the pitch.

"In my view, and the board's view, it kills any talk or speculation of a takeover, so I think it is finished," Edelman declared.

"The board feel there has been uncertainty which the media have talked about so much that we wanted to put a line under it and end it now, to say 'finish', and that is what we have done.

"As of today, I am not prepared to talk about this stuff anymore.

"It is irrelevant what people are doing on the side with our shares. This ends it.

"When we look through the shareholder register, there are a number of people who we believe would support the board, come hell or high water.

"So when we add that together with what we have announced, we are pretty secure."

Edelman maintained: "With the way the shareholdings are, we are bullet-proof."

The position of the board would clearly be strengthened should American billionaire Kroenke also pledge his support to the 'concert party agreement'.

"Stan Kroenke has seen this agreement and we would welcome him signing this agreement as well," said Edelman.

"He has got it at present and his advisors are looking at it.

"We would welcome him signing it because it would make us stronger."

On Stan Kroenke, the managing director revealed: "Stan has indicated he would like to get closer to the club and form a closer relationship, which we think would be positive.

"What he has said to us is his intentions are to support the board - his proxies were supporting the board, as were Red and White's proxies supporting the board.

"We have got all of our shareholders supporting us at present."