Pompey fans learn fulldetails of Eisner's bidfor Fratton takeover
The figures behind Michael Eisner's Pompey pursuit have tonight been revealed.
For the first time, supporters are presented with the full details behind the proposed £5.67m takeover.
Pompey Supporters’ Trust shareholders and members are tomorrow scheduled to receive documentation through the post outlining the American billionaire’s plans.
They will then be handed the opportunity to quiz Eisner in person at the Portsmouth Guildhall on Thursday.
However, the 48-page ‘Proposed Sale of PST Shares’ information pack has this evening been released online, lifting the lid on the financial implications of Eisner’s drive to become Pompey’s next owner.
According to the document, Tornante are proposing to pay £1,000 for each of the 5,673 shares in the club.
They have pledged to provide at least £10m of additional equity investment.
Furthermore, they will fulfil the obligation to Portpin that £3m will be paid should the Blues reach the Premier League before June 2024.
As revealed during The News’ exclusive interview with Eisner this month, there will be no supporter representation on the club board. However, Tornante will create a Heritage and Advisory Board, whose nine-person make-up will include three trust members and three presidents.
The group possess the power to veto on matters such as a club name change, altering the principal colours of the first-team home strip or relocating the stadium to a location 15 miles or more from Fratton Park.
Although there has been no agreement with the trust on a veto to prevent alteration to the club crest.
Also absent are assurances the ground will not be separated from the company operating Pompey.
Tornante have vowed to fund ‘major stadium infrastructure issues’ at Fratton Park, estimated to run to £5m over the next five years.
The trust, however, has devised alternative plans to enable that work under the current ownership model.
They propose launching a new share issue, while making use of the remaining £900,000 Tesco money and more president contributions.
Eisner will address trust members at the Guildhall on Thursday in a meeting scheduled from 7pm to 10pm.
Those supporters will then have their say on whether to approve a takeover through a ballot vote, opening on May 6 and ending on May 19.