The Hemmings family have owned Preston North End since 2010

Preston North End’s owners have converted £30m of existing debt into equity.

The Lilywhites announced the update on Friday afternoon, with the Hemmings family having conducted a ‘detailed review of the existing debt profile of the club’ - as they did in 2014 as well as last year.

Prior to the conversion, shareholder loans were set to be £63.8m at the financial year end - but that figure will now sit at £33.8m. Figures on Companies House this week showed another £1.1m has been invested by the owners - not counting as debt.

PNE chairman Craig Hemmings said: “In these uncertain times, we believe giving long-term clarity and financial stability is vital for the continued development of the Club. This most recent debt to equity swap is a further example of the family’s commitment to PNE, helping secure its sustainable future”.

Peter Ridsdale on takeover interest

Speaking to the Lancashire Post this week, the PNE CEO said: “Two things happened this summer which elevated our profile, which have awoken interest, without being able to say there's anything definitive at the moment. One is the Liverpool match, where we got plaudits from around the world as to how we handled a very, very sad occasion. Suddenly, people were talking to us and talking about Preston North End.

“Probably, not surprising to you but surprising maybe to me, the sponsorship deal with SpudBros has also elevated our profile and people have started to ask questions about Preston North End, the way it's run and who we are etc. So, you could probably ask me on any day of the week if we are we talking to people. Most of the year I'd say, ‘Yeah, the last week or two yes.’

“If you asked me today I'd say for the first time there have been people raising their heads above the parapet who, for once, may well lead to something. But I'm not going to suggest we're down the line. All we've done is answer the phone at the moment, but they sound more credible than the past. As I want to reiterate, Craig and the family made it absolutely clear that, for the right custodians, there's a deal to be done.

“It's not about the price for the club, it's about who, because we're very proud of where we've got to despite a lot of people criticising a supposed lack of ambition, which I think is totally unfair on Craig and the family, and how much they're putting in every year. But if somebody comes along and suggests and shows that they've got the ability to inject more cash, and take it further forward, there's a deal to be done.

“Just like with players, everything's available and I think we will welcome that because it's unforgiving. I find the abuse, the criticism - often without any facts - debilitating and it's exhausting. And it isn't my money. Can you imagine if that's coming your way and it's your money as well? You're putting in £15million quid a year and all you're getting is abuse and criticism.

“There comes a time when you say, ‘Why are we doing it?’ We will continue to do what we're doing as well as we can. We will continue to encourage new investment if we can find it and let's just say that the quality of phone calls has changed, from two events this summer, and let's just see where that takes us.”

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