Edelman departure sparks takeover talk

Keith Edelman's departure as Arsenal managing director has revived speculation the club could be the subject of a takeover.

Arsenal revealed to the Stock Exchange on Thursday morning Edelman is leaving north London in "search of a fresh challenge".

"I have thoroughly enjoyed my time at Arsenal," said Edelman.

He added: "It has been a very exciting period for the business and I am proud to have contributed to the club's many off-field achievements over the past eight years, not least the Emirates Stadium project."

Responsible for overseeing the move from Highbury to Ashburton Grove, he played a key role in increasing income - namely by brokering sponsorship deals with Nike and Emirates.

Edelman was strongly opposed to a foreign takeover when Russian billionaire Alisher Usmanov and American Stan Kroenke were thought ready to move last summer.

His stance brought him into conflict with former vice-chairman David Dein, who departed a year ago, and his exit has removed a barrier to foreign investment at the Emirates.

"Now that we have completed our second season at Emirates, I believe it is the right time to seek pastures new and embark upon fresh challenges," he added.

Edelman has resigned as a director of Arsenal Holdings Plc but "will be retained by the club for a 12-month period to ensure a smooth transition takes place".

The search for his successor is already under way with director Ken Friar - who held the role for 18 years until 2000 - assuming the position of acting managing director.