Championship club Preston North End in ownership review talks | Business News

One of the founding members of the English football league is working with bankers to explore options for its future ownership.

Sky News has learned that Preston North End, the Lancashire side who finished tenth in the Championship table last season, are being advised by Rothschild on a strategic review.

Football industry sources said it was not certain that the process would lead to a sale, but indicated that the club’s owners could be interested in discussions with potential buyers who could demonstrate a long-term commitment to its future.

One of the sources added that it was conceivable that the review would not lead to any change in Preston’s shareholder base.

Preston North End was founded in 1866 as a cricket club, before becoming a founder member of the Football League in 1888.

Its most famous player, Tom Finney, played for the club in the 1950s when the Lilywhites twice finished second in English football’s top flight.

In recent decades, Preston have often been relegated to the lower divisions, but have been in the Championship since their last promotion campaign in 2014-15.

Unlike many of its peers, the club has enjoyed relatively stable ownership.

It was purchased by Trevor Hemmings, the prominent businessman and owner of three Grand National winners, in 2010 following a winding-up petition lodged by HM Revenue and Customs.

Hemmings died in 2021, and the club is now run by his family trustees, including two of his sons.

Among the other assets he owned during an active business career were Blackpool Tower and stakes in Center Parcs and Pontin’s.

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As with many English professional clubs, Preston are loss-making, with their owners financing their losses to the tune of around £11m a year.

The club has been led since 2011 by Peter Ridsdale, former Leeds United and Cardiff City boss.

Ridsdale also serves as one of the Championship’s representatives on the English Football League board.

Although the sale of Preston North End is far from inevitable, the work with its banking advisers comes at a critical time for issues surrounding the ownership of professional football clubs.

This week’s King’s Speech included a bill that paves the way for the establishment of an independent football regulator, which would oversee a strengthened test of owners and directors.

The regulator was proposed during the last Conservative government, with a recruitment process already underway for a chair of the new oversight body.

Labor said in opposition it would stick to the plan if it won the general election.

EFL clubs and their top-flight counterparts have been involved in on-and-off discussions for more than a year over a financial redistribution deal amid growing political pressure on the Premier League.

These negotiations have not yet reached a resolution.

Rothschild is a prolific adviser on football and elite sport generally, and currently advises on a range of ownership issues at top-flight clubs such as Brentford, Tottenham Hotspur and West Ham United.

Preston North End has been contacted for comment.