Edelman heading for exit at Arsenal

In a recent interview, 57-year-old Edelman said: "There are two basic models in football ownership, the business model and the benefactor model.

"The trouble with the benefactor model is that it only works as long as the benefactor continues to be interested and invests his money.

"If that finishes, the whole thing falls away. That is not a long-term robust strategy. With the business model, and this is the one that works, everything must be run from within the club's own resources. The idea that you need to have a billionaire owner is tempered a bit by looking at the experience of a club like Liverpool."

The Anfield club, beaten by Chelsea in last night's Champions League semi-final, are in a state of turmoil as American businessmen George Gillett and Tom Hicks battle for control.

The problem confronting Arsenal is that while income from broadcasting and match-day revenue has grown substantially, an investigation conducted by the influential Arsenal Supporters' Trust suggests that manager Wenger will have a war-chest of only £25m to spend on players next season.

Edelman was due to meet the Trust on 12 May when questions were bound to be raised about Arsenal's failiure to win any silverware for the past three seasons. The belief among supporters is that £25m will not enable Wenger to compete against Champions League finalists Chelsea and Manchester United.

Trust members were also set to quiz Edelman on commercial and retail revenue streams which they perceive to be crucially weak compared to other top Premier League clubs.

Edelman's post at Arsenal is understood to be worth £750,000 but his career record suggests the keen tennis player and antiques collector will have no trouble finding another top job.