Friday, 29 July 2016
Last updated 4 hours ago
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.