Arsene Wenger is planning a move for Arda Turan to help replace Alexis Sanchez and Mesut Ozil
EU law stipulates that companies must reveal any information to potential investors that makes a material difference to the future value of the company in order to limit the potential for insider trading.
Although shares in parent company Arsenal Holdings plc are rarely traded, they are nevertheless listed on the NEX Exchange in London and subject to their regulations.
Arsene Wenger hinted publicly that a mutual decision had been reached – with the 67-year-old expected to sign a new two-year deal – when he announced in his post-match press conference on Saturday: “I know what I will do in my future so you will soon know very soon.”
Investors therefore expected a rapid formal announcement to the exchange to clarify the position as there is just as much onus on the club to end speculation even if Wenger’s statement was not true.
Arsene Wenger is poised to sign a new two-year contractNEX refused to reveal whether there had been any dialogue with the Arsenal board and were not willing to discuss the specific events concerned.
However, a spokesman said: “NEX would not want to comment on the actions of Arsenal Holdings plc but I am sure they are aware there is a disclosure obligation within the full set of directives that are identical to the London Stock Exchange and set by EU law. It falls to Arsenal to ensure that they comply with them.”
Arsenal, whose chairman Sir Chips Keswick is a respected figure in financial circles with a number of non-executive directorships under his belt, are fully aware of the need for clarity to the exchange, reporting Wenger’s last contract extension in 2014 as soon as it was agreed.
A spokesman for the Arsenal board said: “We fully understand our commitment to the exchange and will fall in line with whatever is required.”
At the same time, it appears there is no rush to resolve the futures of Mesut Ozil and Alexis Sanchez after Wenger admitted contract talks have been put on hold till the summer.
Arsenal fans display banners calling for Arsene Wenger's exit
Sat, March 18, 2017
Arsenal fans raised banners calling for Arsene Wenger's exit after the Gunners lost 3-1 to West Bromwich Albion
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Arsenal fans raised banners calling for Arsene Wenger's exit at The Hawthorns
And The Times say Wenger is lining up a £25million bid for Barcelona midfielder Arda Turan to help fill the looming void of Sanchez and Ozil.
In the meantime, Wenger has vowed to give his all for however long he remains at the club, insisting the job he is doing is a good one.
The Frenchman laughed when asked about the plane flying a banner in the sky calling for his exit during Arsenal’s 3-1 defeat at West Brom.
He then said: “Of course because my job is to make 100 per cent of people happy and if you look at where the club was when I arrived and where the club is today, I think I am quite proud of what I did for the club.
“Today we live in a period where people are very demanding and I can understand that but I know as well that I have guided this club through very difficult periods with very, very, very limited resources.
Wenger has come under increasing pressure in recent weeks to stand down
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If Arsenal have made a decision over Arsene Wenger's future they must reveal the information“I managed to always get the best out of the team and that's what I will do as long as I am at Arsenal Football Club.
“At the moment we are going through a difficult period on the results and so I think it's much more important to focus to get it right again.
“We suffer a lot at the moment but it's not, when you take a little bit distance and put things into perspective, you know, we are two games in hand, we are in the semi-finals of the cup to prepare against City. Our season will be decided how well we respond now to the difficult period we have.”
“Of course it will be a disappointment not to win the championship and after that you have to do as far and as well as you can.
“We play in a position at the moment where we have to fight to finish as high as we can and then see and let other people judge us. People judge your work and my job is not to judge. My job is to produce and let other people judge.
“We have good players and they are young players. They have a team that's very young. Overall I think the spirit is good, the structures are absolutely fantastic and the mental qualities inside the club.”Original Article