PNE confirm talks with US-Saudi businessman

Preston North End have held talks with US-born Saudi businessman Amr Zedan as the search for a new owner for the Championship football club continues.

The club’s chairman Ian Penrose has confirmed that the two sides have been in discussions, following weekend media reports.

Amr Zedan has interests in sectors including energy and horseracing. A Sky News report revealed that he had been in talks with Preston about a potential investment.

He was among a large number of parties who were named as prospective buyers of Chelsea when Roman Abramovich was forced to sell the London club in the wake of Russia’s invasion of Ukraine.

The Sky report quoted sources that said the talks between Mr Zedan and PNE had stalled in recent weeks, with the playoff-chasing football club also exploring investment options with other parties.

In response to that report, Ian Penrose has issued a statement which has revealed that the club is in discussions with a number of interested parties, including Amr Zedan.

He said: “We have commenced discussions with a number of parties from around the world who have expressed an interest in acquiring Preston North End.

“This process is in its early stages and is ongoing, as we continue to receive new approaches.

“I can confirm that we have had discussions with the US-born Saudi businessman Amr Zedan, who we respect highly.

“Mr Zedan is one of a number of successful individuals or organisations that have made enquiries about the club. Specific comments on any approach are inappropriate at this stage.”

He added: “This is a complex process that requires many financial, legal and regulatory hurdles to be appropriately satisfied. The board is being advised throughout this process by Rothschild & Co.

“Whilst such a transaction can take months to conclude, and there is no certainty that a successful outcome will be achieved, it is the board’s intention to conclude these negotiations at the earliest opportunity.

“It is of utmost importance that any future owner of Preston North End is the right fit for the football club, in order to maximise the club’s potential and the ambitions of our fans, stakeholders and owners.”

In October last year the club’s current owners, the Hemmings family, announced that they would be “actively engaging” with international sports organisations, private institutions, and investment funds better geared, both commercially and financially, “for maximising the true global potential of PNE”.

They also revealed their strategy to seek out new investors or owners – with a two-year target to “find the right fit”.

Fans were told that the family had invested “well over £100m” during its ownership and they would 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.

Outgoing chairman Craig Hemmings spoke of an urgent need for a “financial reset” of football and the parachute payments that clubs relegated from the Premier League receive.

He revealed that PNE had achieved club record revenues in the region of £20.6m but added: “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.”

The family says it is committed to investing a further £6m into PNE this season, on top of £7m already committed “in support of the most expensively assembled squad in our history as we strive for promotion to the Premier League”.