Vital Football

Pompey on Verge of Takeover

Pompey on Verge of Takeover

The Telegraph & The Portsmouth News are reporting that Portsmouth are on the brink of securing their fifth owner of a the season with property tycoon Rob Lloyd fronting a consortium (Believed to be the South African one) intending to buy the club.

They say: Portsmouth on brink of new takeover

Lloyd hopes to enter into a confidential and exclusive arrangements with the club`s administrator, Andrew Andronikou, on Monday ahead of a potential £30 million buy-out before attending Portsmouth`s Premier League fixture with Liverpool at Anfield.

The 46 year-old, who appeared on Channel 4`s Secret Millionaire programme in November 2008, will meet supporters` groups at Fratton Park on Sunday to gauge their feelings about a potential takeover. (Which you probs heard about in another thread)

Should Lloyd`s takeover — subject to the Premier League`s fit and proper persons test for owners — go through, he will assume the position of club chairman, backed by a consortium including a New York hedge fund and a "major investor", believed to be the South African investment firm Old Mutual.

It is understood the group will place £3 million into an 'escrow` account as a deposit and are prepared to make around £15?million available upfront to cover the club`s running costs. Portsmouth announced last week that 85 employees, including catering staff and cleaners, would be sacked in an attempt to cut expenditure.

Lloyd, who runs both the Eatonfield property group and Rob Lloyd Racing from his base in Tarporley in Cheshire, on Saturday told The Sunday Telegraph he intended to return "honesty, credibility and stability" to Portsmouth after a campaign in which the club have lurched from one crisis to the next.

Though the club`s new owners are more than likely to have to start rebuilding Portsmouth in the Championship, Lloyd maintains his priority is to "take the club back to where it deserves to be," while supporters are likely to be pleased to hear his view that it is not, simply, a "business transaction".

The success of Lloyd`s takeover rests on his ability to put together a deal acceptable to the club`s creditors - former owner Sacha Gaydamak, current owner Balram Chainrai and HMRC.


(My thanks to Mad for posting this in the forum - Rug is poorly and it is Motheres Day gone mad in the Chix household .. So I just did a copy and paste)

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Click here to join in the debate on the club forum.

Writer:Chix
Date:Sunday March 14 2010
Time: 9:47AM

Comments

0
the fans want transparency and avram
ruffcider
14/03/2010 10:06:00
0
hmm...interesting!! Know nothing about this fans meeting today though. Have to wait for more developments.
eastneydave
14/03/2010 10:32:00
0
Great great News, but won't start believing in it until it really happens, and see things moving upwards! Yes, we have to re-build from the championship, but to do that we surely need Avram, maybe he can persuade some of our current squad to remain.
Pompey Malta
14/03/2010 10:50:00
0
VP needs to have someone at any Fans meeting, I don't want nor trust Farmery to represent us.
russellm
14/03/2010 10:56:00
0
for the club and fans sake, I just hope is someone with genuine interest in the club, not someone after lining their pockets.
oxfordspur
14/03/2010 11:11:00
0
On the actual takeover- if it happens, and all the players have intimated it was very close and whilst Eatonfield is struggling, we should remember he is the Uk figurehead of a consortium. Who are the backers? What is their real funding strength? What debt gearing are they expecting to manage and over what time period? Given that the suugested group are all developers does that mean that FP would likely be redeveloped and the team playing elsewhere? Have they fiscussed buying land from Gaydamak to allow potential redevelopment to take place? What team budget are they anticipating next year? The nation needs to know; but stuff the nation and tell us!
russellm
14/03/2010 11:25:00
0
I don't think there's anything left to line their pockets with except fluff.
Lemmi
14/03/2010 11:54:00
0
lets all hope that this turns out to be the real deal .PUP!!!
maxdean00
14/03/2010 12:32:00
0
I will believe it when I see it, fingers crossed though! An interesting comment by the head of Portsmouth City Council, was that planning permission was granted over 2 years ago for the redevelopment of FP, but nothing ever commenced. With regards to redevelopment and building property at the site, this basically is very very unlikely to happen. A number of developers have been taken to the site and none feel it a commercially viable option to build property there, especially in this economic enivronment. Equally, FP has been given such a level of planning protection by the council, that it really can never be used as anything but an open air sports ground. I think that this means that we are staying at FP, in whatever capacity, and I just hope that any new buyer comes in and openly consults with the fans, the council, the local companies, and makes a transparent proposal, giving long term stability - and yes profitability for the club, but please please please, can we have someone with a bit of passion as well as a deepish pocket!
dave.jolley81
14/03/2010 12:55:00
0
He's not a Pompey fan, so he's not attracted by the football...so what does he want....He's a property bloke, so its the land...probably interested in building retail facillities combined with a new cheap and nasty bowl stadium. But..his company are on the verge of going bust, so this will be backed by other investors/consortium..all wanting an investment on their dollers/rand's etc...for years i wandered what SG saw in the club..now we see it was a money laundering vehicle....all sounds to iffy to me
plymouth graham
14/03/2010 14:36:00
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