The future of Arsenal Football Club (AFC) has been thrown into doubt following a restructuring of the club's board, which has resulted in the departure of two directors.

It was announced that Nina Bracewell-Smith, reported to hold a 15.9 per cent stake in the club, was to leave the boards of both Arsenal Holdings and Arsenal Football Club with immediate effect. Richard Carr will remain a director of the club despite his resignation from the Arsenal Holdings board. It once again raises speculation over a possible takeover bid from the Russian billionaire, Alisher Usmanov. In October 2007, AFC announced that a lock-down agreement had been implemented so that shares could only be sold to "permitted persons" before April 2009, although the club admitted that Bracewell-Smith is now exempt from that.

Chair of AFC, Peter Hill-Wood said: "We hope that she would remain a shareholder but she has not spoken to me about it lately. She is no longer in the lockdown so she is free to do what she wishes." In addition to the two departures, AFC has also announced the appointment of Ivan Gazidis to the board as chief executive from 1 January.