Israel's Tourism Minister Avraham Hirchson, right, 
and Keith Edelman [GALLO/GETTY]
Arsenal managing director Keith Edelman has resigned after eight years at the club.

The announcement, made to the London Stock Exchange, follows Arsenal's third season without winning a trophy.

Edelman will remain with the club until the end of next season to ensure a smooth transition, but director Ken Friar will temporarily assume his role during the search for a successor.

Friar was managing director for 18 years until 2000.

Edelman has resisted the gathering interest by foreign investors in Arsenal, with Russian billionaire Alisher Usmanov and American businessman Stan Kroenke increasing their stakes in the past year.

Edelman oversaw the move from Highbury to the new Emirates Stadium in 2006, which led to turnover increasing by almost 50 percent to a club record $406.6 million.

"I have thoroughly enjoyed my time at Arsenal,'' Edelman said in the statement.

"It has been a very exciting period for the business and I am proud to have contributed to the club's many off-field achievements over the past eight years, not least the Emirates Stadium project.

"Now that we have completed our second season at Emirates, I believe it is the right time to seek pastures new and embark upon fresh challenges.''