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What is the oldest a chairmen/club owner can be before resigning?

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Also if he does resign does this mean the club will be sold once he gets to a certain age? or can the same owners stay at clubs cos they don't actually have a profile in game. I was just wondering this because although i have never gone very far into FM i have never actually had a club being taken over whilst in charge and i was wondering if clubs will be sold once the chairman gets to a certain age

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