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Tuesday, 9th February 2010

Hemmings & Co keeping North End afloat

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Published Date:
20 November 2009
Preston North End would not survive without the support of its major shareholders, according to chairman Derek Shaw.
The Lilywhites' supremo said only the generosity of multi-millionaire Trevor Hemmings and the Friends of Preston North End (FPNE) consortium, which includes Shaw, is keeping the club afloat.

It unveiled losses of £9.17m, which includes the drop in value of its players, yesterday and an operating loss of £5.94m due to soaring player wages.

The chairman admitted that the Championship outfit is struggling to meet the demands of its supporters as it bids to reach the Premier League.

He said: "It is becoming increasingly difficult to continue to meet the
expectations of fans who want the club to be competing for promotion every year.

"Of course, we all want to see this level of success, however, the competition from the relegated Premier League sides and their financial resources makes this extremely difficult.

"We have once again been heavily reliant on the assistance of our major shareholder, Guild Ventures (Hemmings' investment vehicle) for continuing financial support.

"Without this we certainly could not continue to compete with the cost of the squad we have maintained, which remains well in excess of our total football income."

Just hours before announcing their financial results to the Stock Exchange yesterday, the club announced that it had negotiated a one-year extension on the deadline to repay £8.5m of loans to Hemmings' Guild Ventures investment vehicle and a further £1.5m to FPNE.

Debt expert warns clubs – see Frifay's Evening Post

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  • Last Updated: 20 November 2009 8:44 AM
  • Source: n/a
  • Location: Preston
 
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Northwest,

The Cinnamons 20/11/2009 08:52:28
January is gonna be a big month at PNE........ watch this space! ;-)
2

Trevor Singleton,

Solihull 20/11/2009 08:53:24
Once again, DS opens his mouth and encourages everyone to slit their wrists. I cannot believe how negative he is. No wonder people are dispondent and therefore crowds are down. We need a spokesman who can tell this kind of news in an optimistic way that might just encourage people to attend games. Also, what kind of message does this send out to the players, "if we don't get promotion, you will have to be sold". NOT GOOD!
3

Man-of-Reason,

20/11/2009 08:57:57
Because PNE is a plc, we have to show all our laundry to the public. If we were in private hands it would be a personal matter for the owner, so saying that we would not survive without their investment is true of most of the football clubs, 'cept our situation is broadcast.

The real reason is SKY, or PREM football, with all the wealth being shoved to the Top20. I've said it before, and I make no apology for saying it again, that there needs to be a 2-tier system for football to survive. The money will filter through the whole football league but The Championship is an anomaly, whereby clubs have to operate close to Premiership levels without Premiership revenue, hence, the shortfall. It ain't rocket science, and I do reckon the Bolton Chairman plagiarized my articles that I wrote on the BBC606 Forum coming up 3 years ago.

It is obscene that the majority of Premiership players could "own" a Division 2 club, or even a Division 1 club. Some Premiership players could even own Championship clubs ...... and then Premiership Clubs will soon struggle to get some players as they are attracted to Spain because of their lower tax liabilities, so English clubs pay more to keep them, and so this has an impact on the rest of our domestic game.

It's going to end in tears somewhere, and PNE are not healthy at the moment.
4

cantona,

20/11/2009 08:58:40
Trevor - negative or simply showing some refreshing honesty?
Derek has not tried to sugarcoat it and tells it how it is, not pulling the wool over fans eyes like many other chairman.

Would you rather it be like Portsmouth or Newcastle where the fans are fed spin upon spin upon spin
5

Man-of-Reason,

Bristol 20/11/2009 09:03:52
post 2 : Chairmen of PLC's are expected to tell the truth, it's not a bedtime story to help you get off to sleep.

If Martin Broughton, the chairman of BA, said everything was great, come and use my Airline, he'd be kicked out of office. Why should Derek Shaw be any different because who runs the football club we support ?! Derek Shaw is doing a tremendous job under the circumstances. He is just as big a fan as you or me, if not more !
6

Danny D.,

Donegal; 20/11/2009 09:09:56
Sometimes the truth hurts. See ye all Monday night.
7

prestonpilgrim,

20/11/2009 09:10:27
Thank god we have some one like DS who has kept this club going in difficult times and still managed to give the fans a hope of play off promotions every season. Those who dont like it go and follow leeds bigger club bigger crowds but hey they are below us. In AI and DS I trust.
8

Walmer White,

20/11/2009 09:12:23
I can't see why some of you are moaning about it. Like MOR says, it's the prem that's getting all the cash and teams in lower leagues are gettind s*d all! Get in the real world will you. I wish I had a bank manager like Trevor hemmings, throwing money at me every time I was skint!!

We are a PLC so get used to theses articles as that's what happens when you are in the public eye. If we do have to sell again in January so what, if you want to keep carrying on watching PNE week on week out at this level or higher then take a reality check.

Gee whiz, some of our supporters think we should have as much money as Chelsea and Man City. Wakey, wakey!!!!!!!
9

snake,

preston 20/11/2009 09:13:27
this is not good not good at all we must get promotion this season we have the manager to do it now we just need to do it fingers crossed.
10

john faz,

Bournemouth 20/11/2009 09:17:48
Honest quote many other clus at all levels in the same situation thanks Mr Hemmings
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