Hemmings steps in to help Preston

04 June 2010 10:18

Preston's financial woes appear set to be eased after leisure tycoon Trevor Hemmings launched a rescue package of the cash-strapped Coca-Cola Championship club.

North End were hit with a winding-up petition served by Her Majesty's Revenue and Customs last month which led to the suspension of the company's shares from trading on the Alternative Investment Market.

But Deepdale PNE Holdings Ltd, the company owned by Hemmings, have increased their shareholding in the club from 28% to 51.4%, triggering a mandatory offer for the remaining shares.

Hemmings' latest investment is seen as a short-term solution to the club's financial problems while long-term investment is sought.

Preston have already been loaned £13.28million including interest by Hemmings, who increased his stake after he made a 5 pence per share offer to the club's shareholders.

Source: PA

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