Shareholders vote in favour of selling club
The shareholders of Portsmouth Community Football Club have 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% of the club’s equity – voted 80.3% in favour of the PST selling its stake. 17.3% voted against. Rejected ballots were 2.4%. The turnout was 93.7%.
Members of the PST voted 80.5% in favour of the club’s 16 individual shareholders (the Presidents) being allowed to sell their respective stakes in the club. 16.7% voted against. Rejected ballots were 2.8%. The turnout was 79.4%.
75% of the Presidents have voted to sell their respective stakes in the club, representing 32.9% of the club’s equity.
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%.
Accordingly, the club will now proceed to negotiate the final terms of the sale with the Tornante Group over the coming weeks.