Hedge Fund Behind Bid For Troubled English Soccer Team

Mar 15 2010 | 12:47pm ET

Portsmouth Football Club, the English soccer team that just weeks ago seemed doomed, may have a new life, thanks in part to a New York hedge fund.

The unidentified fund is reportedly behind a £30 million bid for the troubled and debt-ridden team, which went into administration last week. Real-estate millionaire and former reality television show star Rob Lloyd is fronting the potential offer, meeting yesterday with fan groups at the team’s home, Fratton Park.

The hedge fund is joined in the bid by another “major investor,” said to be Old Mutual.

Portsmouth administrator Andrew Andronikou said he has still not heard from Lloyd. That could change today, as Lloyd said he hopes to begin negotiations on the team’s future.

Portsmouth is near-certain to be relegated to the lower Championship league next year. The team is already in last place, and will have nine points—the equivalent of three wins—deducted for going into administration. The team has only five wins this season, and is unlikely to win its sixth today against sixth-place Liverpool Football Club.

In Depth

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


U.S. Trust's Beard: The Rapid Growth of the Art Lending Industry

Oct 7 2016 | 10:55pm ET

Alternative investment managers have emerged as some of the most significant art...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...