Portsmouth FC Shareholders Agree to Sell to Eisner Family Owned Tornante Group
May 22, 2017
The shareholders of Portsmouth Community Football Club this week voted in favour of selling the club to the Tornante Group, owned by the family of Michael Eisner.
Community shareholders in the Pompey Supporters’ Trust – the club’s principal shareholder with 48.5 per cent of the club’s equity – voted 80.3pc in favour of the PST selling its stake. Around 17pc voted against, with rejected ballots at 2.4pc. The turnout was 93.7pc.
Members of the PST voted 80.5pc in favour of the club’s 16 individual shareholders (the Presidents) being allowed to sell their respective stakes in the club, and 75pc of the Presidents voted to sell their respective stakes in the club, representing 32.9pc of the club’s equity.
Together with the PST’s 48.5pc, this means 81.4pc 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 75pc.
Accordingly, the club will now proceed to negotiate the final terms of the sale with the Tornante Group over the coming weeks.
