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Hemmings edges towards Preston buyout target

Isle of Man-based businessman Trevor Hemmings' bid for Preston North End is reaching the fans.

Supporters with shares have been contacted by the football club's board urging them to accept the multi-millionaire's offer of five pence per share.

Supporters own 11% of the club and could allow Mr Hemmings' stake to rise to his target of 75%, which would give him full ownership and the opportunity to de-list from the AIM stock exchange.

Last Friday, the 74-year-old reached the 51.4% mark, and talks are continuing.

However, Mr Hemmings says unless he achieves the buyout figure, he will no longer finance Preston.

He has already pumped £13m into the club, which has the threat of administration and liquidation hanging over it.

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