Portsmouth FC have confirmed on their official website that the club has entered into an “Exclusivity Agreement” for the next 70 days with Michael Eisner’s Tornate Group in order to discuss a possible takeover of the club.
Portsmouth are currently owned by the fans after saving the club from administration in 2013 but it looks like they might well sanction the sale of the club to American business tycoon Michael Eisner.
Eisner is the former CEO of Walt Disney Corporation and the next 70 days will be a period of due diligence and negotiations.
Portsmouth FC have stressed that this does not mean that the club has been sold to Eisner’s Tornate Group yet but rather to “establish the detailed terms he proposes”.
The negotiations will be directed towards a final offer from Eisner and the shareholders of the club will be asked to vote on it.
Michael Eisner took to Twitter to respond to this official statement, describing it as “exciting times”.
— Michael Eisner (@Michael_Eisner) March 23, 2017
Portsmouth fans – what do you make of this big development? Would you sanction the sale to Eisner? Are you glad that the club is taking these thorough steps to assure that the right deal is done? Let us know in the comments below…