THE deal to take over Pompey is set to be completed in the next couple of days.
The News has learned Joseph Cala is poised to put pen to paper and sign the deal to buy Pompey.
Mr Cala, an American Sicilian businessman specialising in underwater hotels, emerged as the frontrunner to take over the club after confirming his interest last week.
Andrew Andronikou, joint-administrator of the club’s parent company Convers Sports Initiatives (CSI), has been searching for a new Pompey owner since November.
Sources close to the club say Mr Cala is Mr Andronikou’s preferred bidder, although this has not been confirmed by Pompey or the businessman.
Mr Cala yesterday told The News: ‘What’s important is that Pompey is a stable and successful club. To achieve stability and success takes a full-time owner who possesses dedication, love, honesty, integrity and unlimited desire to win every match.
‘The owner must keep the expenses at the same level as the revenue.’
His online profile on the Bloomberg Businessweek website lists Mr Cala as being involved with Fila Sportswear USA, Mondi Fashions USA, L’Italiano Restaurants and Weddings in California, Hawaii and Japan, Cala Hotels Inc, Undersea Resort and Hydrogen Future.
His involvement in these companies is supported by a profile appearing to be Mr Cala’s on social networking site LinkedIn. The profile confirms Mr Cala was the CEO of Fila from April 1988 to September 1999, and founded Undersea Resort, specialising in building underwater hotels, in 1998.
Mr Andronikou said a preferred bidder has been identified and hopes the sale of the club will be completed by the middle of the week. It’s reported that contracts are already in place.
Document details Cala Corporation’s wealth
PROSPECTIVE new Pompey owner Joseph Cala has moved to defend the performance of his Cala Corporation firm.
A Form 10-Q filed by Washington DC-based financial regulators US Securities and Exchange Commission details Cala Corporation’s quarterly performance ending September 30, 2010.
The document details the firm recorded a net loss total of $2,439,726, with total assets accumulating to $6,377 from January 1, 2007, to September 30, 2010.
The firm, which Mr Cala describes as a ‘dormant’ company, changed from Magnolia Foods Inc from January 1, 2007, to concentrate on developing an underwater resort and casino.
The report details the firm recorded an accumulated deficit of $11,886,789 and $2,439,726 during its development stage, compared to $11,861,259 of additional paid-in capital.
Mr Cala said: ‘The losses are credits to be used against future profits.
‘The US tax code allows every research and development (R&D) dollar investment to be used as credit against future profit.
‘Cala Corp is a dormant company used as the R&D for the Undersea development. Most of the expenses or losses went into the Undersea Resort R&D.’