It is reported that Trevor Hemmings’ full takeover of Preston North End is nearing completion.
The Lancashire Telegraph says the 75-year-old tycoon loaned the club a further £500,000 yesterday to pay players and staff wages for the month.
When announcing this decision to the AIM Stock Exchange last night, the club revealed Hemmings’ investment company, DPNE Holdings Ltd, now held 88.50% of the shares in North End.
If that share reaches the 90% mark – which is expected – he can force the remaining shareholders to sell their stake to him.
The £500,000 advanced to North End is the 13th loan Hemmings has made since December 2008, totalling £14.36 million with interest.
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