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http://www.arsenal.com/article.asp?...-+New+board+agreement+makes+us+'bullet-proof'

http://www.arsenal.com/article.asp?...-+New+board+agreement+makes+us+'bullet-proof'
Edelman - New board agreement makes us 'bullet-proof'
By Chris Harris
Keith Edelman believes the board's revised 'lock-down agreement' over any potential sale of their shares has made the Club "bulletproof".
The news that Arsenal's directors would only sell their stake to "permitted persons" before April 2009 and had to give fellow board members 'first-option' until October 2012 was greeted with applause by shareholders at the Club's AGM on Thursday.
Afterwards Edelman expanded on the announcement, explaining why this latest agreement should finally end speculation over the future of the Club and ensure stability on and off the pitch.
"It is an important day for the Club because over the last three or four months we've had speculation in the media over what might happen, the ownership has been an issue," he said.
"It's a long time, five years. It's a huge commitment from the major shareholders to the Club and I don't think you can ask more from people. It basically says you hold shares until April 2009 and after that you can only sell them to one of us before you sell them outside.
"The board feel there has been uncertainty and we want to put a line under it, end it now. I think if you get this continuing uncertainty over ownership then it always undermines the staff, the team etc etc. It's a distracting environment.
"But as of today I am not prepared to talk about it because it's irrelevant now. What people are doing on the sides of our shares is pretty irrelevant. This ends all the speculation."
At present the directors' combined shareholding does not exceed 50 per cent. However Edelman is confident that the board has sufficient support from smaller shareholders to maintain control of the Club in the longer term.
"When we look through the shareholder register there are a number of people who we believe will support the board come hell or high water and when we add that to what we have announced as a 'concert party' we are pretty secure. With the way the shareholdings are, we are bulletproof.
"We know them, we have no agreements with them but it is our strong belief that they will support the board. We do not worry about that."
[ Friday, October 19, 2007]