Arsenal are facing new certainty over the club's ownership.
The Daily Mail says deposed director Lady Bracewell-Smith is understood to be prepared to listen to offers to sell her significant club shareholding.
Lady Bracewell-Smith, whose family's 70-year association with Arsenal was terminated with a boardroom coup last December that she described as 'appalling', has told friends that she will sell her 15.9 per cent stake for the right price.
The uncertainty - and Lady Bracewell-Smith is prone to keep changing her mind over her shares - leaves Arsenal particularly vulnerable as the majority shareholding in the club lies outside the boardroom, with Russian oligarch Alisher Usmanov the single largest shareholder with 25 per cent.