Disney supremo takeover of Portsmouth edges closer as club enter exclusive negotiations with billionaire former Hollywood tycoon
PORTSMOUTH have entered exclusive negotiations with billionaire the former chairman of Disney about a takeover of the club.
Michael D Eisner wants to take control of the League Two club and help steer them back to the Premier League.
Portsmouth are now in formal negotations with Michael Eisner about taking over at Fratton ParkPA:Press Association
And Pompey have confirmed they are now locked into a 70-day period of negotiation and due-diligence which could see the American assume control at Fratton Park.
Eisner, 75, made a fortune as one of the most successful television tycoons in America and while at ABC he commissioned hit shows Happy Days, Wonder Woman and Starsky and Hutch.
Michael D Eisner is the man credited for helping Disney become such a huge success storyAP:Associated PressMichael Eiusner was in charge of film studio Paramount and was behind the production of GreaseAlamy
He soon moved into film as president of major studio Paramount, overseasing the release of bof office hits Grease, Raiders of the Lost Ark and the Star Trek franchise.
He was snapped up by Walt Disney Company in 1984 and is credited for reviving the fortunes of the company with films such as the The Lion king, The Little Mermaid and Who Framed Roger Rabbit?
Eisner also led Disney to the successful takeovers of ESPN and the ABC Network and under his guidance the company’s value soared from 1.5billion dollarts to 80bn dollars.
Michael Eisner with Hollywood superstar Tom HanksGetty Images
A statement from Pompey, which is owned by the Supporter’s Trust, said: “Portsmouth Community Football Club would like to advise all shareholders and supporters that it has entered into an Exclusivity Agreement with Michael D. Eisner and his Tornante Group to allow for a period of discussions and negotiations to take place regarding a possible purchase of the club.
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"The agreement is simply to ensure that during this period, which will be 70 days, the club will not engage in discussions with any other potential bidder and is standard practice in these situations."
When Eisner left Disney in 2005 he founded the The Tornante Company, which invests in a series of businesses across the world.
Tornante has a stake in the Topps trading card company, and produces shows for Netflix.
It is understood Eisner has been attracted to the way Pompey came back from the dead as a club thanks to the supporters clubbing together to save them from going bust.
Despite tumbling out of the Premier League and down to the bottom rung of the professional game in the space of three years, average gates at Fratton Park are still around 15,000.
And the challenge of investing in driving the club back up to the top tier of English football is one that is said to excite Eisner.
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