Source: Telegraph
Portsmouth fans set to eye new owner Rob Lloyd with caution
A harrowing season has already seen four Portsmouth owners pass through the revolving door of the chairman's office at Fratton Park, leaving the club the first in Premier League history to pass into administration and accountants probing a black hole in the accounts. [LNB]In one respect however the fans may take some heart. While the dealings and in one case even the identity of his predecessors were opaque, at least they will know who they are dealing with today. [LNB] Related ArticlesPortsmouth on brink of new takeoverLiverpool v Portsmouth: previewPeter Storrie steps down at PortsmouthPortsmouth administrators investigate missing millionsHMRC accepts Portsmouth administrationStorrie stays as Portsmouth sack 85 staffLloyd, 44 will never be described as shy. A property and racing entrepreneur, he has published an autobiography (Raising the Bar — The Story of One Man's Vision and Dedication) and earlier this year appeared on Channel 4's Secret Millionaire. The contrast with Ali Al Faraj, the last-but-one owner who was never seen at Fratton Park or the Premier League's offices and earned the soubriquet 'Al Mirage' from supporters who still doubt he exists, could not be more marked. [LNB]Lloyd's background, detailed on his personal website, appears classic entrepreneur. He grew up on a farm in Cheshire and was educated at the independent Rydal School in Colwyn Bay, where it took him seven attempts to pass his English Language O' Level. He worked in estate agency and surveying before setting up his first property business, which rose and fell in three years. He set up his current company Eatonfield Ltd in 1998 with rather more success, and it was listed on London's secondary stock exchange, the Alternative Investment Market, in 2006. [LNB]Alongside Eatonfield he runs Rob Lloyd Racing, which trains a string of predominantly Flat horses in Cheshire. [LNB]Like many in the property business he has been hit by the recession however, and recent announcements from Eatonfield raise questions about the strength of the business. [LNB]Last week the company agreed a £900,000 funding deal with one of its partners, Jenard Properties, to ensure it had sufficient working capital to continue trading. That deal came just days after a share issue to the same investor raised £100,000. At the end of last month, Lloyd revealed Eatonfield's bank funding had been withdrawn and was forced to seek an emergency loan to continue in business. [LNB]While Lloyd's past is well-documented Portsmouth supporters will be more interested in his plans for the future, and the identity of his backers. [LNB]Lloyd has made it clear that he is the front-man for a consortium that includes support from a New York-based hedge fund and a wealthy investor, possibly the South African investment house Old Mutual. [LNB]His background in property suggests that Lloyd's consortium will seek to draw together the jigsaw of land around Fratton Park to enable redevelopment, or a new stadium. [LNB]To do that Lloyd will have to satisfy former owner Sacha Gaydamak, who owns most of the land required for development but is owed £30m. Current owner Balram Chainrai, who is owed £13.5m and sits in front of Gaydamak in the queue as a secured creditor, will also require satisfaction. [LNB]So too will Her Majesty's Revenue and Customs, which is owed £18m and sought a winding-up order against the club earlier this year. The tax debt may yet prove the most crucial to the club's fortunes under new owners. If HMRC does not agree with the terms of the club's exit from administration Portsmouth could find themselves starting next season in the Championship with a huge points deduction. [LNB]
