American billionaire bids to take over Pompey

[Selsey Bill]

American billionaire Michael Eisner has launched a bid to buy Pompey. The News can exclusively reveal the former Walt Disney Corporation chairman is in negotiations to take ownership of the League Two club. The 75-year-old is eager to become involved in an English football club through his Tornante investment group. But Pompey’s chief executive Mark Catlin insisted any prospective deal would have to be put forward to shareholders. He said: ‘Since becoming a community club, we have taken great pride in our honesty and transparency with shareholders and supporters alike, aligned with what has to naturally stay private and confidential in the course of any normal business dealings. ‘Regarding any potential new investment in the club, we have a robust process in place that if an offer of investment was received – from a credible individual or group – the directors would firstly conduct a period of due diligence on the strength of the offer.
‘They would then formally advise shareholders, including all Trust shareholders, who have their own directors on the main board. ‘All shareholders would be involved from the start of the ensuing process.’ Mr Eisner boasts an impressive CV, which includes 21 years at 
Disney as both CEO and chairman, before departing in 2005. He has also served as president at Paramount Pictures, the studio producing films such as Saturday 
Night Fever, Grease and Raiders of the Lost Ark during his time. And now the Eisner family are now keen to enter football and have identified Pompey as a club rich in potential with Championship or Premier League aims. It is understood Mr Eisner is also attracted by the story of how the club was saved by its supporters in April 2013, its community ethos and the successful financial restructuring since emerging from administration. He last week held negotiations in Portsmouth and, along with his family, attended the 4-0 Fratton Park midweek victory over Grimsby. However he did not sit in the directors’ box, instead allocated seating elsewhere in the South stand. Pompey’s board have been scrutinising whether the Tornante investment group represent credible interest, with the club having been stung by a succession of bad owners in the past during its well-publicised demise. However, ultimately, should their bid be accepted, it will be down to all club shareholders, including the Pompey Supporters’ Trust, to approve any potential deal. As the largest single shareholder, the Trust’s 48.48-per-cent stake will be crucial in deciding the outcome. Pompey’s remaining 51.52 per cent shares are distributed among the 16 presidents, who will vote individually. In September, The News revealed how the club were seeking fresh investment and undergoing a valuation process. Since community ownership was put in place almost four years ago, there have been a number of parties to enquire about becoming involved with the club, yet none have progressed as far as Mr Eisner. The club have declined to comment directly on 
any interest by a specific group. Pompey have been declared debt free since September 2014 following the early settlement of £7m legacy administration debts and have continued to make annual operating profits.

[Pompey Penguin]

Someone remind me why I invested money in this club?

[Selsey Bill]

A message from the board of directors (on the Pompey OS):
Since the club’s exit from administration in 2013, the board of directors and staff have worked tirelessly to restore our fans’ faith in the club and – as club custodians – have continually striven to improve both on and off-field performance. A cornerstone of this work has been our openness and transparency with shareholders and supporters alike, while at the same time also respecting the confidentiality and commercial sensitivity of business agreements and contracts. We would like to assure all shareholders and supporters that we have a robust process in place to deal with any potential offers of investment. If we reach a point where such an offer of investment into the club is made, then ultimately it will be for all our shareholders – of which the PST is the single largest – to decide whether such new investment would be in the club’s best interest. We believe this to be the true definition of a fan-owned club, allowing those supporters who have invested to have the final say on the future direction of the club. We will make no further comment at this stage and assure all fans that, as always, we continue to work in the best interests of Portsmouth Football Club.
Play up Pompey!
PCFC Board of Directors

[Pompey Dave]

Was always going to happen sooner or later. With no debt and sitting in the lower leagues Pompey is an attractive proposition for an investor.

[Chopper Dave]

Mickey Mouse Club....

Well somebody had to say it!

[blue architect]

This story has been leaked prematurely. I believe it should have been released in 13 days time.

[Lost in Transportation]

This story has been leaked prematurely. I believe it should have been released in 13 days time.

Rumours have been going around since December. Its impressive it has stay quiet this long.

[The Cincinnati Kid]

Actual Disney billionaire....an improvement on recent Disney characters

[blue architect]

This story has been leaked prematurely. I believe it should have been released in 13 days time.

Rumours have been going around since December. Its impressive it has stay quiet this long.

Unusual for you LiT the subtlety of my post seems to have been lost. 13 days time is.........

[Lost in Transportation]

This story has been leaked prematurely. I believe it should have been released in 13 days time.

Rumours have been going around since December. Its impressive it has stay quiet this long.

Unusual for you LiT the subtlety of my post seems to have been lost. 13 days time is.........

[Milton End]

This story has been leaked prematurely. I believe it should have been released in 13 days time.

Rumours have been going around since December. Its impressive it has stay quiet this long.

Unusual for you LiT the subtlety of my post seems to have been lost. 13 days time is.........

Enjoyed the joke!

But, seriously, why would an American billionaire want to invest in English football? And PFC in particular?

For most investors, it has been a license to lose money. The real winners have been the vast wages paid to the players.

Totally mystified.

[Pompey Gary]

Someone remind me why I invested money in this club?

Indeed.

[Thats Rich]

This story has been leaked prematurely. I believe it should have been released in 13 days time.

So March has 32 days now.

[Earl Grey]

Let's face it, the current model we have now has limitations.
See what the guy has to say and stitch him up good so he can't leave us with a massive bill when he snuffs it or gets bored.
I'm all for it if he's tied up in knots to ensure the club's liability is well and truly limited.

[No Shot Sherlock]

This is why it was so significant when the presidents took a (collective) controlling interest. The fans (PST) may be the biggest single shareholder but it's still a minority shareholding.