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Portsmouth supporters’ trust votes in favour of selling club to Michael Eisner

Portsmouth fans celebrate promotion

The Pompey Supporters’ Trust (PST) has voted in favour of former Walt Disney chief executive Michael Eisner’s proposal to buy the League Two champions.

Paul Cook’s side secured promotion as the south-coast club, who were in the top flight as recently as 2010, plot a return up the divisions.

The PST, the club’s principal shareholder, controls 48.5% of Portsmouth’s current ownership structure and has three members on the board of directors.

The supporter shareholders were presented with a 48-page document as California-based Eisner, whose 70-day exclusivity period runs until 1 June, also aims to invest an additional £10m in equity should the £5.67m deal go through.

The 2,272 PST shareholders had until Friday evening to cast their vote on the offer of Eisner’s Tornante investment group to buy 100% of the 2008 FA Cup winners. There was a 93.6% turnout with 1,825 shareholders voting to sell the PST shares.

The club’s 16 individual shareholders - ‘the Presidents’ - have also agreed to sell their stakes.

A Portsmouth club statement read: “Seventy-five per cent of the Presidents have voted to sell their respective stakes in the club, representing 32.9% of the club’s equity.

“Together with the PST’s 48.5%, this means 81.4% of the club’s equity holding is in agreement with the sale. The threshold to approve a sale, as laid down in the shareholders’ agreement, is 75%.”

Discussions on the timeline for the formal takeover process will now begin.

The PST chairman, Ashley Brown, said in a statement: “This is true fan ownership and democracy at work. Our fans decided who the next owner of our club would be – and it will be Michael Eisner and Tornante.

“The Trust board would like to wish Michael the very best of luck. We believe he understands the importance of the custodianship of Pompey and will be an owner all fans will be proud of. We look forward to working with him, his family and Tornante for many years to come.”

Powered by Guardian.co.ukThis article was written by Guardian sport and agencies, for The Guardian on Monday 22nd May 2017 13.52 Europe/London

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