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SBD Global/February 19, 2013/Franchises

Keith Harris Revises Takeover Offer For League One Side Portsmouth FC

League One Portsmouth fans "will be given a free 15% stake in the club as part of a revised offer" for the club by football financier Keith Harris, according to Nabil Hassan of the BBC. Harris' initial offer "was rejected by the Football League," which confirmed the only bid it would consider "was from the Pompey Supporters' Trust." But Harris "has not given up hope of taking over the stricken club." Harris said in a statement, "The offer is not subject to any due diligence, as it has all been fully completed." The preferred bidders, PST, has been "approved by the Football League as well as the club's creditors." However, the Trust's takeover "is conditional on the group taking control of the club's Fratton Park stadium." On Monday, the Harris-led bid announced an "option to acquire the stadium from the current owners is in an agreed form and will be completed immediately following the takeover" and Football League approval was the only stumbling block in taking control of the club. The statement added that it "would hand 15% of the shares in the club to a group made up of supporters who have donated funds to PST, season-ticket holders and hospitality clients." It is also proposed that a fans' representative "will be elected to the board following any takeover" (BBC, 2/18).
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