Law firm scores with ‘Pompey’ sale deal
A team from law firm Gateley’s Manchester office has advised on the sale of south coast football Portsmouth to Tornante Group, the investment company of Michael Eisner the former chief executive of Disney.
Gateley acted for Portsmouth Supporters’ Trust, the largest shareholder of the club. Its team was led by corporate partner Paul Jefferson, supported by fellow corporate partner Stephen Roberts.
Eisner and his three sons will make up the board of the club, along with president of Tornante, Andy Redman and Mark Catlin, the club’s existing CEO, and will join the management team at Fratton Park for the first game of the season.
Former Premier League club Portsmouth was promoted to League One after finishing as League Two champions last season.
PST chairman, Ashley Brown, said: “The supporters fought hard to save Pompey (Portsmouth), they’ve given the club incredible support under fan ownership, ensuring its successful promotion from League Two as champions. Our passionate supporters now willingly pass the custodianship of Pompey to Michael Eisner, his family and Tornante. It is clear that Michael and his family have caught the Pompey bug and we hope to see them regularly at Fratton Park.
“We are grateful to our lawyers, Gateley, for their legal advice in the process. Paul and the team were extremely diligent and provided advice which was robust, but pragmatic and commercial throughout.”
Paul Jefferson, partner at Gateley said: “It has been a pleasure to work with the Supporters’ Trust on this deal. The transition from fan ownership to the Eisner family was always going to be a sensitive one, given Portsmouth’s history. However, Michael and the Tornante team have worked collaboratively with fans and with the management team, and have clearly embraced the community spirit at Portsmouth. We wish them well in the next stage of the Pompey journey and every success, both on and off the pitch.”
Michael Eisner added: “My family and I are thrilled to take on this incredible responsibility as stewards of a football club with such a rich heritage. We have come to know the Pompey community in recent months, and we are extremely impressed by their passion, dedication and love for their club.”
