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Hemmings edges towards Preston buyout target

by isleofman.com 9th June 2010

Isle of Man-based businessman Trevor Hemmings' bid for Preston North End is reaching the fans.

Supporters with shares have been contacted by the football club's board urging them to accept the multi-millionaire's offer of five pence per share.

Supporters own 11% of the club and could allow Mr Hemmings' stake to rise to his target of 75%, which would give him full ownership and the opportunity to de-list from the AIM stock exchange.

Last Friday, the 74-year-old reached the 51.4% mark, and talks are continuing.

However, Mr Hemmings says unless he achieves the buyout figure, he will no longer finance Preston.

He has already pumped ?13m into the club, which has the threat of administration and liquidation hanging over it.

Posted by isleofman.com
Wednesday 9th, June 2010 06:05pm.

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