Aug 032017
 

Today Portsmouth FC was finally taken over by the Tornante Investment Group headed by the Eisner family.

Here is the Clubs statement..

Portsmouth Football Club are pleased to announce that Michael D. Eisner’s Tornante Company have completed their purchase of the club.

Tornante had been engaged in due diligence since May when more than 80 per cent of Pompey’s equity holding approved the terms of the sale.

Michael Eisner and his three sons, Breck, Eric and Anders, will make up the board along with Andy Redman, president of Tornante, and Mark Catlin, Pompey CEO.

Michael’s family will join the management of the club at Fratton Park in attending their first match as owners on the opening day of the EFL League One season on August 5, when Pompey welcome Rochdale.

“My family and I are thrilled to take on this incredible responsibility as stewards of a football club with such a rich heritage,” Eisner said. “We have come to know the Pompey community in recent months and we are extremely impressed by their passion, dedication and love for their club.”

In addition to announcing the closing of the acquisition of Pompey, Eisner announced that Catlin, who has served as CEO for the past four years and was named CEO of the year by FC Business, has entered into a long-term contract to continue to serve as Pompey’s CEO. Eisner pointed out that “the arrangement continues Mark’s leadership and ensures the stability of the club for the long term.”

“We have been on a remarkable journey and one that everyone associated with this amazing club should rightly be proud of,” said Catlin. “It has been an honour and privilege for me personally to represent Pompey and our incredible fans during this time.

“Now we embark on an exciting new chapter in the club’s history and one that, under the stewardship of Michael Eisner, his family, Andy Redman and the Tornante group, I am totally confident will continue to build on the strong foundations that have been built over the past four seasons.”

The Eisner family also thanked the Pompey Supporters’ Trust, the Presidents and all Pompey fans for their unprecedented efforts to save and stabilise the club over the past four years.

“The football club wouldn’t be here today if it wasn’t for the against-the-odds commitment of Pompey supporters who came together and saved this club. This is, and will always be, your team,” said Eric Eisner on behalf of himself and his brothers, Breck and Anders.

With Catlin at the helm and manager Kenny Jackett preparing for the season, the club are poised to build on the momentum of their recent League Two title success and promotion to League One. Redman added: “We have many challenges ahead of us, but we have a terrific leader in Mark, and we’re going to work with him and Kenny to position the team for success in the coming seasons.”

Iain McInnes, who served as Pompey chairman, added: “Harnessing the indomitable Pompey passion with his Tornante team, aided by a few current stalwarts, Michael has every opportunity to take your club back to previous and sustainable heights. Jane and I wish Michael, (his) Jane and their family every ounce of good fortune and chance of success in this great venture. PUP.”

Pompey Supporters’ Trust chairman Ashley Brown said: “The supporters fought hard to save Pompey. They’ve given the club incredible support under fan ownership, ensuring its successful promotion from League Two as champions. Our passionate supporters now willingly pass the custodianship of Pompey to Michael Eisner, his family and Tornante. It is clear that Michael and his family have caught the Pompey bug and we hope to see them regularly at Fratton Park, sharing many more successes on the pitch as part of the Pompey family.”

Brown added: “The four PST board members who have represented the Trust on the PFC board feel incredibly honoured and proud to have held that position at a club they love. The many other fans who were involved in ensuring Pompey’s survival should feel equally proud of the part they played, and we join together to welcome Michael and his family to our city, our club and look forward to exciting times ahead.”

Portsmouth FC

May 222017
 

Portsmouth Trust Statement

Over the last two weeks, 2,272 PST shareholders have cast their vote to determine the outcome of the Tornante bid for Portsmouth Football Club.

Following a 93.6 % turnout, 1,825 shareholders voted to sell the PST shares.

On Saturday, the PST Secretary informed Portsmouth FC of the outcome of the vote and the wish to sell the PST’s 48.5% shareholding to Tornante.

75% of the Presidents have voted to sell their respective stakes in the club.  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 around the sale will now begin with Tornante representatives and the timeline will be managed by Tornante.

PST Chairman Ashley Brown said “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”

Throughout this process, the PST board have strived to provide the membership with factual information to enable them to make an informed decision. During negotiations, PST presented matters and issues previously discussed with the membership and are pleased that some have been included in the Tornante offer. We will shortly begin a new era at Fratton Park and the Trust will continue to be an influential and relevant body in the club’s future. We will have three board members representing the PST on the Heritage and advisory board and we will be happy to help the Eisner family in any way we can to ensure the long term success of Portsmouth FC.

Our Trust Directors on the PFC board will remain in place during the transition period and will be working to find ways to enable Michael Eisner to assist the coaching staff in their close season planning ahead of the deal closure. After such a tremendous season, we would like to thank Paul Cook, his coaching team and the players for the fantastic job they have done, and wish them all the very best of luck in League One. The board would also like to thank Iain McInnes for his passionate and focused leadership as Chairman of Pompey.

Most importantly, we would like to thank you, the shareholders, fundraisers, syndicate members and fans whose incredible support allowed a fan owned club to recover from a perilous state to become Champions of League Two.

Portsmouth FC