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Preston North End football fans who own stakes in the north-west club have been advised to accept multi-millionaire Trevor Hemmings' takeover proposal, according to a report.
An article in the Lancashire Evening Post claims the Championship outfit's board of directors has contacted supporters who bought relatively small holdings in the mid-1990s to extol the virtues of Hemmings' offer of 5p per share.
In a statement released last week, Preston North End told the stock exchange: "We believe that without continued financial support, the board would almost certainly have to conclude that there is no reasonable prospect of avoiding liquidation."
Hemmings' interest in the club now exceeds 51.4 per cent and if it reaches 90 per cent, Preston North End's remaining shareholders will be obliged to sell up to the secretive tycoon, who owns Blackpool Tower and several racehorses.
Last month, Preston North End were issued with a winding-up petition by HM Revenue and Customs over an unpaid tax bill.
Written by Tom Jenkins
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21 October 2010
21 October 2010
21 October 2010
20 October 2010
20 October 2010
