Arsenal board extends block on takeover

The English Arsenal lockdown has earned an extension, this one directed more at Alisher Usmanov than Stan Kroenke.

The club's board agreed to extend its no-sell policy by a year to April 2009. The original no-share selling agreement was to end in April 2008. After April 2009, the board, which holds 45 percent of the club's shares, gave the first option on buying to other board members.

The first one was used to stop U.S. businessman Kroenke from buying up shares of the club. He stopped at 12.2 percent. This one is more directed at Uzbek magnate Usmanov, who has bought 23 percent over the past few months.

The board also claims to speak for at least five percent of the minority shareholders, holding more than half the club in its power.

"It kills any talk or speculation about a takeover," said club managing director Keith Edelman. "It's finished"

With Usmanov's bid, the Arsenal board warmed to Kroenke, treating him as an ally and inviting him to join the lockdown. He is mulling his options.

"The board does always what it thinks is right," manager Arsène Wenger said. "That is a great quality because it is not shared by many clubs."

Source: euFootball.BIZ © Copyright 2006 - All rights reserved.