Chris Kirchner could face 20 years in federal prison after FBI raid and arrest former Preston North End and Derby County bidder

The United States Attorney’s Office has confirmed his arrest, with a statement on their website reading: “The founder of Slync, a supply-chain management software startup, has been charged for misappropriating $20 million from the company, announced U.S. Attorney for the Northern District of Texas Leigha Simonton.

“Christopher Kirchner, 35, was charged via criminal complaint with wire fraud and arrested at his home in Westlake early Tuesday morning. He made his initial appearance before U.S. Magistrate Judge Hal R. Ray, Jr. later in the day.”

It is reported that at least a dozen FBI agents were at Kirchner’s home in Westlake, Texas, with his Mercedes G Class and Rolls Royce SUV both towed away.

U.S. Attorney Leigha Simonton said: “This defendant flaunted his apparent wealth while allegedly diverting millions from company coffers into his private bank account.

"Slync investors and employees are understandably outraged, and we sympathize. We look forward to holding Mr. Kirchner accountable in federal court.”

According to the complaint, Kirchner pocketed $20m – of $50m raised from private equity investors and venture capital groups – that he said was going towards investment and chase bank accounts, instead it helped fund his lavish lifestyle including a purchase of a private jet, a box at a local sports stadium and he also sponsored many events around the world such as golf’s Dubai Desert Classic, individuals like Englishman Justin Rose and the NHL ice hockey team Dallas Stars.

According to the US Attorney’s Office website, if convicted, Kirchner could face up to 20 years in federal prison.

Kirchner had been ousted from his company Slync a few months ago amid allegations of misconduct after it was reported that he had misrepresented the company’s finances. He had once claimed the company was making near to $30m but the reality was it was close to $1m. He was suspended as CEO before being fired and removed from his role as chairman.

The American tried to by PNE in February 2022, agreeing a price with the Hemmings family before attempting to submit two reduced offers after his exclusivity period had run out

Speaking in April about the attempted takeover, director Peter Ridsdale said: "In February an acceptable offer was received from one interested party and a period of exclusivity and confidentiality was entered into. This was to enable due diligence on the club to be done and all the required approvals for change of ownership to be sought from the Football League by the potential buyer.

"This exclusivity period has now ended. To date, there has not been a confirmed offer at the previously agreed price made to the owners.

"Neither has there been any of the required submissions made to the Football League for consent to change of ownership.”

The bid for PNE came after an attempted takeover of Derby County, with the Rams looking at liquidation as a worst case scenario. That takeover did not happen, nor did another attempt after being turned away by North End.