Arsenal vice-chairman David Dein has left the club with immediate effect.
The former Football Association vice-chairman and current chairman of the G14 group has left his post due to 'irreconcilable differences' with the rest of the board, according to chairman Peter Hill-Wood.
Hill-Wood said: 'On behalf of the board I would like to express our gratitude to David Dein for the many years of loyal service he has given to the club.
'We sincerely regret that irreconcilable differences between Mr Dein and the rest of the board have necessitated a parting of the ways.'
A club statement also confirmed the remaining board members have agreed to retain their shares 'for at least one year', also with the intention of keeping them beyond that period.
'In light of recent speculation with regards to the ownership of the club, the remaining board members, who together own 45.45% of the issued share capital of the company, would like to reassure the supporters, shareholders and employees of Arsenal Football Club that they remain long-term holders of their interests in the club.
'To this effect, they have entered into an agreement not to dispose of their shares for at least one year and have confirmed that they intend to retain their interests on the expiration of this period.'
Earlier this month ITV plc announced that they had unconditionally sold their 9.99% shareholding interest in Arsenal Holdings plc to American Stan Kroenke's KSE UK INC.
Kroenke Sports Enterprise have also co-owned American Football franchise St Louis Rams following their relocation to Missouri, while NBA side Denver Nuggets and the NHL's Colorado Avalanche are now too under the group's umbrella.
That development was not seen as the first step towards another American takeover of a English club, although the move to buy ITV's stake came less than a month after KSE stated they had 'no interest or intention' of buying into Arsenal.
Both Dein and fellow director Danny Fiszman had previously stated their intention to keep their shares.
