Preston offered 'rescue package' by tycoon

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Tycoon Trevor Hemmings is bidding to ease cash-strapped Coca-Cola Championship outfit Preston's financial woes with a rescue package.

Deepdale PNE Holdings Ltd, a newly-formed company backed by multi-millionaire Hemmings, has made a 5p per share offer to the club's shareholders. A spokesman for Mr Hemmings said the intention of the offer was to bring "short-term stability" to the club while it seeks further long-term investment.

The spokesman told the Lancashire Evening Post: "It really is a rescue package and a short-term solution to provide financial stability."

Preston are looking for ways to resolve the club's financial difficulties following the winding-up petition served by HM Revenue and Customs on May 14 which led to the suspension of the company's shares from trading on AIM.

The club have been loaned £13.28million including interest by Hemmings, who is the largest single shareholder with a 28% stake.

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Preston North End

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