Fresh from watching Pompey claim the Sky Bet League Two title, the Trust have opted to sell their 48.5% shareholding to the former CEO of the Walt Disney Company.
PST chairman Ashley Brown said “This is true fan ownership and democracy at work.”
“Our fans decided who the next owner of our club would be – and it will be Michael Eisner and Tornante.
“We believe he understands the importance of the custodianship of Pompey and will be an owner all fans will be proud of.”
Eisner’s takeover would mean the removal of the PST’s three representatives from the club’s nine-member board.
However, he has pledged to form a heritage board which would protect the club’s name, colours, badge and guard, while also preventing relocation to a ground more than 15 miles from Portsmouth city centre.
The statement read: ‘Over the last two weeks, 2,272 PST shareholders have cast their vote to determine the outcome of the Tornante bid for Portsmouth Football Club.
Following a 93.6 % turnout, 1,825 shareholders voted to sell the PST shares.
On Saturday, the PST Secretary informed Portsmouth FC of the outcome of the vote and the wish to sell the PST’s 48.5% shareholding to Tornante.
75% of the Presidents have voted to sell their respective stakes in the club. 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%
Discussions around the sale will now begin with Tornante representatives and the timeline will be managed by Tornante.
PST Chairman Ashley Brown said “This is true fan ownership and democracy at work. Our fans decided who the next owner of our club would be – and it will be Michael Eisner and Tornante. The Trust board would like to wish Michael the very best of luck. We believe he understands the importance of the custodianship of Pompey and will be an owner all fans will be proud of. We look forward to working with him, his family and Tornante for many years to come”
Throughout this process, the PST board have strived to provide the membership with factual information to enable them to make an informed decision. During negotiations, PST presented matters and issues previously discussed with the membership and are pleased that some have been included in the Tornante offer. We will shortly begin a new era at Fratton Park and the Trust will continue to be an influential and relevant body in the club’s future. We will have three board members representing the PST on the Heritage and advisory board and we will be happy to help the Eisner family in any way we can to ensure the long term success of Portsmouth FC.
Our Trust Directors on the PFC board will remain in place during the transition period and will be working to find ways to enable Michael Eisner to assist the coaching staff in their close season planning ahead of the deal closure. After such a tremendous season, we would like to thank Paul Cook, his coaching team and the players for the fantastic job they have done, and wish them all the very best of luck in League One. The board would also like to thank Iain McInnes for his passionate and focused leadership as Chairman of Pompey.
Most importantly, we would like to thank you, the shareholders, fundraisers, syndicate members and fans whose incredible support allowed a fan owned club to recover from a perilous state to become Champions of League Two.‘