Company directors normally leave in a flood of euphemisms, but David Dein’s sudden departure from Arsenal reveals a boardroom that has been thrown into crisis after the arrival of Stan Kroenke, the American billionaire, as a shareholder.

Even where there are “irreconcilable differences”, they are normally swept under the carpet. But not this time, as the remaining Arsenal directors and shareholders, principally Danny Fiszman and Lady Nina Bracewell-Smith, brace themselves for a siege.

Their pact not to sell their shares for a year is intended to be binding and with 45.5 per cent of the stock, a takeover is impossible — for now. Nevertheless, if Dein sells his 14.6 per cent to Kroenke, who holds 11.26 per cent, or links up, the combined block will be a shade more than 25 per cent.

Holding a quarter of the shares also gives the owner the ability to block changes to the club’s constitution, a problem that can be endured in the short term but could create complications in the long haul. Ironically, had Fiszman not sold a small amount of shares to Kroenke, it would not have been possible for the American, coupled with Dein, to have surpassed the crucial threshold.

That level of shareholding can make life awkward for the Arsenal board, because a rebel can call shareholder meetings to demand seats in the boardroom, creating the kind of stand-off that Manchester United saw in the battle between John Magnier and J. P. McManus and the Glazer family.

What seems likely to emerge is some sort of negotiations between the two camps. The decision that the existing board needs to weigh up is whether the last leading British-owned football club has the long-term resources to compete with the riches of Roman Abramovich’s Chelsea and the emerging financial power of the American-owned Liverpool.

Despite the new Emirates Stadium, Arsenal’s financial resources are limited, though a £20 million profit before transfers in the first half of the season was boosted by the sale of property in nearby Drayton Park.

Meanwhile, all promises not to sell can be swept away if a takeover agreement emerges. For the moment the remaining directors appear to be digging in, but, as United fans will recall, there is always a price at which a deal can be struck.

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