Arsenal's Managing Director Resigns

Arsenal's managing director, Keith Edelman, has announced that he will be leaving the club. Edelman resigned as a director of Arsenal Holdings plc, a post he has held for the last eight years, this morning, but will be retained for the next 12 months to ensure a smooth transition for his successor.

"I have thoroughly enjoyed my time at Arsenal," said Edelman. "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. Now that we have completed our second season at the Emirates, I believe it is the right time to seek pastures new and embark upon fresh challenges."

Edelman's departure will inevitably lead to renewed speculation that a takeover of the club is imminent, but sources close to Alisher Usmanov, the Uzbek-born billionaire who has built up almost a 25% stake in the club over the last nine months, insisted today that it had come as a surprise to him, and was not something Usmanov had engineered. Director Ken Friar will assume the position of acting managing director, while a statement from Arsenal this morning confirmed that they have already begun the process of identifying a long-term successor.

The Arsenal chairman, Peter Hill-Wood, hailed Edelman's contribution to the club, saying: "Keith has played a major role in the growth of the club since he joined in 2000. In that time we have successfully implemented the move from Highbury to the Emirates Stadium that has underpinned the future of the business and confirmed our position as one of Europe's leading clubs. We are grateful to Keith for his crucial role in this transformation.

"Under Keith's stewardship the club has achieved record profits and the board owes him a debt of gratitude for his contribution. We wish him the very best for the future."