PNE sale moves forward after 'acceptable' offer

The takeover of Preston North End by potential new owners is making progress, according to the Championship club’s chairman.

In a statement to supporters, Ian Penrose has confirmed the club is in negotiations with ‘parties’ who have made offers that are acceptable to the current owners, the Hemmings family.

In January this year the club confirmed that it was in talks with US-born Saudi businessman Amr Zedan. At the time that was described as ‘one of a number of initial tentative approaches’.

In his latest statement, Ian Penrose does not name the potential new owner of the Deepdale outfit. However, Mr Zedan is understood to be the frontrunner, according to media reports. The current Deepdale regime has not made its asking price public.

The Preston chairman told fans: “I can confirm that we are in negotiations with parties who have made offers to buy PNE on terms that are acceptable to the Hemmings family.

“Whilst we would like to be able to provide a running commentary and more details for our fans, for legal and regulatory reasons, we are prevented from doing so.

“The sale of a football club is a lengthy and complex process, involving legal, financial and commercial due diligence, and the need for the buyer to satisfy regulatory obligations and submissions, including a funded two-year business plan.

“The club and the potential new owners are very conscious of the need to conclude matters promptly in order to provide certainty for many reasons.

“Internally, we are keeping a clear divide between our football operations and the transaction, in order to minimise distraction.

“Whilst certain aspects, including regulatory approvals, are outside of our control, we will continue to work hard to deliver a successful outcome for the club and fans.”

Mr Penrose also told fans that the current owners were committed to taking PNE forward – with around £10m in transfer fees committed and more new players being targeted.

He said the figure spent was 'far in excess of our previous summer record spending. We were delighted to secure the signing of Alfie Devine for a record fee that was nearly three times the highest transfer fee ever paid by PNE'.

PNE’s Deepdale stadium has also seen significant investment with £1.5m spent on a new pitch this summer.

The Hemmings family, based in the Isle of Man, took over the running of the club after the death of Lancashire businessman Trevor Hemmings following his death in 2021 at the age of 86. The billionaire tycoon had bought the club in 2010.

His business empire included property investment and development company Northern Trust.

Current chairman Ian Penrose 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.

His CV includes roles as 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 was appointed chairman last October with the remit of overseeing the Hemmings family’s financial support of PNE, while working with them to “find new custodians”.

At the time of his arrival fans were told that the family had invested 'well over £100m' during its time as owner and it would continue to 'push for the club to become far more self-sustaining and financially viable'.

Amr Zedan has interests in sectors including energy and horseracing. According to reports he expressed an interest in buying Chelsea Football Club four years ago.

Any takeover of Preston will have to be given the green light by the new Independent Football Regulator.