May 23 – American billionaire businessman Michael Eisner is poised to take control of Portsmouth, one of English football’s most iconic but, in recent years, troubled clubs after its Supporters Trust (PST), which took control in 2013, voted to sell its 48.5 per cent share.
The decision paves the way for the former Walt Disney CEO to complete a summer takeover of the largest club under fan ownership in England, the latest chapter in a rollercoaster ride for the club nicknamed Pompey.
“This is true fan ownership and democracy at work,” PST chairman Ashley Brown said in announcing the result of a ballot over whether to sell to Eisner. “We believe he understands the importance of the custodianship of Pompey and will be an owner all fans will be proud of.”
Portsmouth, who were founded in 1898, won the league title twice in 1949 and 1950, and the FA Cup in 1939 and 2008. They have always enjoyed strong local support but a series of financial crises under foreign owners culminated in relegation from the Premier League in 2010, then falling into administration and tumbling down the English football pyramid.
But the club have just been promoted from the fourth and lowest professional tier back up to League One and the supporters trust, which has three members on the board of directors, voted 80.3% in favour of selling its stake to Eisner’s California-based Tornante Group which has bid £5.67 million to take control in a Hollywood-style takeover that co-incides with the start of a long haul back up the divisions.
PST shareholders will not make any money selling to Eisner’s group but they will get their initial £1,000 investments back. There are about 1,000 PST shareholders.
The decision to revert to foreign ownership after all that the club has been through will not please everyone. But 75-year-old Eisner has topped up his bid with the promise of £10 million more investment, at least £5 million of it earmarked for the repair of Fratton Park, Portsmouth’s run-down stadium ground on England’s south coast.
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