Championship club Preston North End in talks over ownership review

One of the founding members of the English Football League is working with bankers to explore options for its future owners.

Sky News has learned that Preston North End, the Lancashire side who finished tenth in the Championship table last season, are to be advised by Rothschild in a strategic review.

Football industry sources said a sale would not necessarily happen but suggested the club’s owners could be interested in talking to potential buyers who could demonstrate a long-term commitment to the club’s future.

One of the sources added that it was conceivable that the review would not result in any change in Preston’s shareholder base.

Preston North End was founded as a cricket club in 1866 before becoming a founder member of the Football League in 1888.

Its most famous player, Tom Finney, played for the club in the 1950s when the Lilywhites twice finished runners-up in English football’s top division.

Preston have often played in lower leagues over the past few decades, but have been in the Championship since their last promotion season in 2014/15.

Unlike many of its competitors, the club enjoyed relatively stable ownership.

It was purchased in 2010 by Trevor Hemmings, the prominent businessman and owner of three Grand National winners, following a winding-up petition by HM Revenue and Customs.

Mr Hemmings died in 2021 and the club is now run by his family trustees, including two of his children.

Other assets he owned during his active business career included Blackpool Tower and shares in Center Parcs and Pontin’s.

Read more business news:
Slow wage increase – interest rate decision too close for forecast
No change in inflation rate as figure higher than expected

Like many English professional clubs, Preston is making losses, and its owners are financing the losses with around £11 million a year.

The club has been led by Peter Ridsdale, former boss of Leeds United and Cardiff City, since 2011.

Mr Ridsdale also serves as one of the Championship’s representatives on the board of the English Football League.

Although a sale of Preston North End is far from inevitable, the engagement with the bank’s advisers comes at a critical time in relation to issues surrounding the ownership of professional football clubs.

This week’s King’s Speech included draft legislation that would pave the way for the establishment of an independent football regulator to oversee stricter scrutiny of owners and directors.

The regulator had been proposed under the last Conservative government and a recruitment process for the chair of the new regulator was already underway.

Labour had stated in opposition that it would continue to pursue the plan if it won the election.

For over a year, EFL clubs and their top-flight counterparts have been in ongoing talks about financial redistribution as political pressure on the Premier League increases.

These talks have not yet led to a solution.

Rothschild is a committed consultant in football and elite sport in general and is currently advising top clubs Brentford, Tottenham Hotspur and West Ham United on various ownership issues.

Preston North End have been contacted for comment.