Hemmings steps down as PNE chairman as hunt begins for new investors

Preston North End chairman Craig Hemmings has announced that he is stepping down from the role after more than six years in the hotseat.

The Hemmings family, who own the Championship football club, have also revealed their strategy to seek out new investors or owners – with a two-year target to “find the right fit”.

Craig became chairman after the death of his father, Lancashire businessman Trevor Hemmings, who became owner of the football club in February 2010. The billionaire tycoon died in 2021 at the age of 86. His business empire included property investment and development company Northern Trust.

The football club, currently sitting fourth in the Championship table, has now announced that businessman Ian Penrose will become its non-executive chairman, with Craig relinquishing the role later this month.

The new chairman has enjoyed a successful career in sport, technology, gaming and media, having been chief executive of London listed international companies Arena Leisure and Sportech for more than 20 years.

He is currently the senior independent director of Playtech, one of the world’s largest gaming technology businesses, and vice-chairman of Weatherbys, the leading technology and administrative services provider to the horseracing industry internationally.

He is also a non-executive director of DataWorks Group, a Sydney-based business providing “responsible gaming technology solutions”.

Announcing the appointment, Craig Hemmings said his growing responsibility across other family business was behind the decision.

He said: “I have known Ian for many years, and I look forward to working with him as he oversees the Hemmings family financial support of the club and works with us to find new custodians.

“Success on the pitch is our primary wish, but also a club with community and people at its core. I am sure that Ian will bring some fresh ideas and impetus to PNE, to help guide the club forward over the important period ahead.” 

Ian Penrose added: “It is an absolute privilege to be appointed chairman of the football club that I have supported since I was a boy.

“The Hemmings family have been supporters and financial benefactors for many years, weathering times of great difficulty and change in the football industry, and I look forward to working with them and all at PNE to achieve the best we can for the club and for the fans, of which I will always remain one.” 

In an update to fans, Craig Hemmings outlined the family’s long-term strategy for the Deepdale club, following a strategic review carried out by financial advisory group Rothschild & Co.

He said: “As a consequence of this review, we have concluded that for PNE to continue to be successful in the Championship and have the best opportunity to strive for Premier League status, we – the owners – need to reach out and engage with international sports organisations, private institutions or investment funds better geared, both commercially and financially, for maximising the true global potential of PNE.

“We will therefore be actively engaging with such potential organisations or individuals who would be interested in investing in or owning a club like PNE.”

He added: “We have tremendous and capable staff across all aspects of PNE. What we, the owners, don’t have are the right global sports insights, experience and investment firepower to take on the parachute funded clubs at the top end of the Championship (whilst ever this outdated financial disparity between the Premier League, and the Championship remains).

“Working closely with Rothschild & Co, we will be proactive in looking to find potential new investors or custodians of the club.”

The chairman’s statement went on: “There is no immediate requirement for us to find partners or sell the club. We have long-term financial stability within our successful group of businesses.

“However, we feel it would be prudent to set ourselves a target of two years to try and find the right fit for PNE. There will be no changes in the way we fund the club nor the amount we are prepared to commit to the club during this process. A successful PNE remains our priority.”

Fans were told that the family had invested “well over £100m” during its ownership and it will continue to “push for the club to become far more self-sustaining and financially viable”. At the end of the two-year period the Hemmings will review their options again.

The outgoing chairman also spoke of the need for a “financial reset” of football and the parachute payments that clubs relegated from the Premier League receive,

He said: “It is becoming increasingly difficult for owners such as us, to afford and control the levels of investment required to compete against those clubs who have been awarded riches and therefore spending powers way beyond any rational level of sustainability.

“I do not believe that either the Premier League or the EFL wish to drive owners like us out of the game.

“The inevitable consequence, however, of the current structure and gulf in riches between the Premier League, the parachute payment clubs, the rest of the Championship and the balance of the football pyramid, is that the reckless boom or bust mentality of some owners will drive responsible owners out of the game we love.”