Latest on proposed Preston North End takeover by Chris Kirchner, with due diligence being done by the American

Chris Kirchner’s proposed takeover of Preston North End remains ongoing and is understood to be at the due diligence stage.

By Dave Seddon
Sunday, 13th March 2022, 3:47 pm
Updated Sunday, 13th March 2022, 3:48 pm

A report in the Sun newspaper said Kirchner, owner of logistics software firm, was close to completing a deal to buy PNE and quoted a £40m price.

The Lancashire Post understands there are some key stages of a buy-out to be done before a deal can be finalised.

Lawyers working on Kirchner’s behalf are doing due diligence on all financial aspects – both the football and commercial side – as is the norm in a potential purchase.

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Chris Kirchner who is preparing a takeover of Preston North End. Pic: Getty Images

That will include contract details, information on the deeds to Deepdale, Euxton and Springfields, and revenue from existing sponsorship and commercial deals.

If due diligence is done, basically there is no comeback on PNE and the Hemmings family once the sale has gone through – it’s putting everything in front of Kirchner’s team for scrutiny.

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For a takeover to go through, a business plan on how the club would be run financially for the next two years has to be submitted to the EFL.

That plan then has to be gone through by the EFL and approved, something which can take a little time.

As yet, that has yet to be put in – as was the case earlier in the week when PNE gave an update to the Preston Supporters Collective.

The EFL also have to approve any new owner under the Owners and Directors test.

Kirchner, 34, who is based in Texas, is very keen to own an English football club.

He tried to buy Derby County from their administrators last year but had to pull out before Christmas, citing difficulties in doing a deal.

PNE then came on his radar, former Manchester City chief executive Garry Cook helping Kirchner form the link.

The pair know one another from the golf circuit – Kirchner’s company sponsor the Dubai Desert Classic – and it was Cook who brought the American to the negotiating table at Derby.

The upcoming international break could be a spell when moves towards a takeover speed up.

PNE play Luton on Wednesday and then have a 17-day gap in the fixture list. They resume action against Derby on April 2.