Wenger presses board to explain Dein exit

Wenger, who was brought into the club by Dein, was understood to be using the regular board meeting to ask for an explanation for the shock departure of his main ally at the club.

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The Frenchman's contract expires in 14 months and no formal negotiations have begun over extending his stay in north London beyond 2008.

Dein conducted all of Arsenal's transfers and was in charge of player contracts but Peter Hill-Wood insists that will not affect Wenger's summer plans.

"We have a transfer budget and Arsene knows what it is," said the chairman.

Wenger will want to know who is in charge of summer transfers and was understood to be ready to press the board on this issue.

The Arsenal Supporters' Trust have urged the club to end any uncertainty over Wenger's position quickly. A spokesman said: "The most important factor is to agree a new contract with Arsene Wenger."

Today's meeting comes amid uncertainty that Arsenal may be facing a hostile takeover bid with Dein planning a sensational comeback. The 63-year-old could return to the board within months as a sidekick of American billionaire Stan Kroenke.

Dein resigned last night following a bitter power struggle when it was made clear to him he was no longer wanted after 24 years as a director.

But it is believed Dein has been in talks with Kroenke during the past fortnight and would welcome the possibility of selling his 14.6 per cent shareholding, which is worth around £65million, to the businessman.

Kroenke stepped up his campaign to gain control of Arsenal today when he issued a statement saying: "I see long-term value in football."

He also promised supporters' groups that "over the next month I look forward to learning more about the club through a dialogue with you".

Buying Dein's shares would give Kroenke a 25.86 per cent stake in the club and make him the majority shareholder ahead of Danny Fiszman, who has a 24.11 per cent holding.

It would also entitle the American tycoon's holding company Kroenke Sports Enterprises to a seat on the Arsenal board.

KSE do not have a football 'expert' in the UK and it is understood Dein has been in negotiations with the Americans about selling his stake in return for a role as the representative of Kroenke at Emirates Stadium.

"We haven't seen the last of David Dein," said an Arsenal insider. "I expect to see him return. KSE don't have anyone in England with a knowledge of football and David's contacts are second to none."

The prospect of Dein returning may fill the remaining eight directors with horror. Dein's vision was for the club to embrace an outsider with the money and clout to take Arsenal to the next financial level.

But he was given an ultimatum by chairman Peter Hill-Wood and fellow directors on Monday that he must back their hostile stance to a takeover by Kroenke or leave the board.

It is understood that Dein would have been sacked as vice-chairman and director had he not resigned.

If Kroenke eventually achieves his aim of a majority shareholding, Dein will make a triumphant return. His "dream scenario" was for one or two of the other main shareholders to sell out to the American and for him to be appointed as a football director figure with wide-ranging powers.

That possibility was ended when Fiszman made it clear he was in the traditionalists' camp firmly opposed to a foreign takeover.

It is an open secret Dein and Fiszman have not patched up their differences after falling out seven years ago over Dein's preference for Arsenal to move to Wembley rather than Emirates Stadium.

Arsenal's former vice-chairman also had a difficult relationship with managing director Keith Edelman.

A statement last night from the remaining directors - who have 45.45 per cent of the club's shares - said that the board would not "dispose of their interests for at least a year" and confirmed they "intend to retain their interests on the expiration of this period".

The 'lock-down' agreement is expected to be announced to shareholders on the alternative Plus market exchange today.

Supporters are concerned that what the statement called the "irreconcilable difference between Mr Dein and the rest of the board" will transfer on to the pitch.

There are worries that the hostility to a takeover could cause the club to stall.