Portsmouth Enter Possible Takeover Talks
Thu 23rd Mar 2017 | Clubs Ownership
Portsmouth Football Club has confirmed it’s in talks regarding a potential takeover.
In a statement released by the club, they said: “Portsmouth Community Football Club would like to advise all shareholders and supporters that it has entered into an Exclusivity Agreement with Michael D. Eisner and his Tornante Group to allow for a period of discussions and negotiations to take place regarding a possible purchase of the club.
“The agreement is simply to ensure that during this period, which will be 70 days, the club will not engage in discussions with any other potential bidder and is standard practice in these situations.”
Portsmouth Community Football Club Ltd, currently sitting in third place in League Two, has three shareholders that currently own in excess of 10%: Portsmouth Supporters Society Ltd (Pompey Supporters' Trust) 48.47%, John Kirk 10.57% and Christopher Moth 10.57%. There are 14 other individual shareholders in PCFC Ltd, each owning less than 10%.
The exclusivity talks form part of a period of negotiation and due diligence with Mr Eisner and his Tornante Group to establish the details of his proposal and review of the clubs business and financial information.
Both Presidents and those with the PST will be informed on the terms of the offer before shareholders to vote to either accept or reject the offer.
Leading the negotiations is Trevor Birch managing director of Duff and Phelps.
Posted by: Aaron Gourley
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