Portsmouth: Michael Eisner's takeover offer deal set out for fans

Portsmouth
Portsmouth achieved their first promotion in 14 years this season

Supporters and shareholders of Portsmouth have been presented with the terms of a takeover offer from ex-Walt Disney chief executive Michael Eisner.

Eisner and his Tornante investment group are in exclusive negotiations to pay £5.67m for 100% of the club.

The Pompey Supporters Trust (PST), which controls 48% of the club's current ownership structure, has set out the deal in a 48-page document.

Portsmouth recently secured automatic promotion from League Two.

California-based Eisner, 75, will present his offer in person at a town hall-style meeting on Thursday, and also aims to invest an additional £10m in equity should the deal go through.

The current ownership structure helped bring Portsmouth out of administration in 2013.

Eisner's 70-day exclusivity period runs until 1 June and existing club shareholders will have the final say on accepting any offer.

Michael Eisner
Michael Eisner and his Tornante investment group are hoping to complete a takeover of Portsmouth

The PST are set to recommend to its shareholder members an "all cash now" acquisition option, giving them a full return on their original £1,000 investment per share.

Under Eisner's proposals, there would no longer be room for three PST members on the club's nine-strong board.

They would sit instead on a newly-created heritage board to protect matters such as the club's name, colours, badge and moving its home ground more than 15 miles from Portsmouth city centre.

"The PST board believes that the best long-term future for the club is for the PST to retain some ownership," a statement said.

"Tornante have agreed a heritage share can be issued, which will be put in place as a means by which certain identified issues can be protected and vetoes exercised by the PST.

"The decision is for each community shareholder based on their assessment of the offer."

Eisner, who is previously understood to have shown an interest in buying Championship club Reading, is also a former president of Paramount Pictures as well as an early investor in Netflix.

Top Stories