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  1. ITV Report

Portsmouth shareholders greenlight Eisner takeover

Portsmouth sealed promotion back to League One earlier this month. Photo: PA

Pompey Supporters' Trust shareholders have voted in favour of accepting ex-Walt Disney chief executive Michael Eisner's takeover proposal for Portsmouth.

Paul Cook's side secured promotion by winning the League Two title as the south-coast club, who were in the top flight as recently as 2010, plot a return up the divisions.

The PST, the club's principal shareholder, controls 48.5 per cent of Portsmouth's current ownership structure and have three members on the board of directors.

The supporter shareholders were presented with a 48-page document as California-based Eisner, whose 70-day exclusivity period runs until June 1, also aims to invest an additional £10 million in equity should the £5.67m deal go through.

The 2,272 PST shareholders had until Friday evening to cast their vote on the offer of Eisner's Tornante investment group to buy 100 per cent of the 2008 FA Cup winners.

There was a 93.6 per cent turnout with 1,825 shareholders voting to sell the PST shares.

The club's 16 individual shareholders - 'the Presidents' - have also agreed to sell their stakes.

A Portsmouth club statement read: "Seventy-five per cent of the Presidents have voted to sell their respective stakes in the club, representing 32.9 per cent of the club's equity.

"Together with the PST's 48.5 per cent, this means 81.4 per cent 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 per cent."

Discussions on the timeline for the formal takeover process will now begin.

PST chairman Ashley Brown said in a statement: "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."