20-09-2021, 11:23 AM
Eisner’s ownership that is ?
I can see two likely end games, there are plenty of others but less certain.
1) Eisner dies (or becomes non compos mentis)
He’s 80 next year and the grim reaper hovers, I’m older and am constantly reminded of the frailty of life by the number of funerals I attend (and money doesn’t buy immortality as Steve Jobs and Jimmy Goldsmith found out).
My bet is that if he goes in the next 4 or 5 years his family will sell up PDQ in the same way as did Martin Gregory. They will appoint M&A specialists to get the best price…..and you can forget the ‘safe pair of hands’ nonsense, it will be best all-cash offer buys PFC.
2) Eisner remains hale and hearty
The North Stand improvements eventually get finished with its increased capacity, it will be a great, great time to sell, Eisner will be around 85/86 and probably bored with PFC. He will look to maximise the sale price so he can claim “I bought it for chicken feed, spent nothing on it and sold it at a super profit, I’m still a player”.
He knows exactly how the divestment game is played and is therefore increasing the value of one of the key PFC assets ie Fratton Park from the revenue stream (ticket sales, merchandising, sponsorship, TV and iFollow etc) not from debt, all the money spent on the ground will of course be added back to the value of the asset- a win, win if ever there was one.
At the same time he is ruthlessly cutting back on spend (players, employees etc, cut back anything that doesn’t show an immediate return).
My expectation is he will try to sell for NAV plus Goodwill of around 8 x Profits (well above average but Eisner is clearly financially very savvy). His building up of the assets and reducing costs whilst maintaining turnover will simply jack up profits and cash (on his assumption that the Fratton Faithfull can be relied upon to troop up to Fratton Park as they have for the last 4 seasons).
All this may stick in the throats of we Pompey fans but PFC is a very, very rich man’s plaything, he does what he wants, not what we want, he’s not a football man, he is simply an investor.
Welcome to The Pleasure-dome !
I can see two likely end games, there are plenty of others but less certain.
1) Eisner dies (or becomes non compos mentis)
He’s 80 next year and the grim reaper hovers, I’m older and am constantly reminded of the frailty of life by the number of funerals I attend (and money doesn’t buy immortality as Steve Jobs and Jimmy Goldsmith found out).
My bet is that if he goes in the next 4 or 5 years his family will sell up PDQ in the same way as did Martin Gregory. They will appoint M&A specialists to get the best price…..and you can forget the ‘safe pair of hands’ nonsense, it will be best all-cash offer buys PFC.
2) Eisner remains hale and hearty
The North Stand improvements eventually get finished with its increased capacity, it will be a great, great time to sell, Eisner will be around 85/86 and probably bored with PFC. He will look to maximise the sale price so he can claim “I bought it for chicken feed, spent nothing on it and sold it at a super profit, I’m still a player”.
He knows exactly how the divestment game is played and is therefore increasing the value of one of the key PFC assets ie Fratton Park from the revenue stream (ticket sales, merchandising, sponsorship, TV and iFollow etc) not from debt, all the money spent on the ground will of course be added back to the value of the asset- a win, win if ever there was one.
At the same time he is ruthlessly cutting back on spend (players, employees etc, cut back anything that doesn’t show an immediate return).
My expectation is he will try to sell for NAV plus Goodwill of around 8 x Profits (well above average but Eisner is clearly financially very savvy). His building up of the assets and reducing costs whilst maintaining turnover will simply jack up profits and cash (on his assumption that the Fratton Faithfull can be relied upon to troop up to Fratton Park as they have for the last 4 seasons).
All this may stick in the throats of we Pompey fans but PFC is a very, very rich man’s plaything, he does what he wants, not what we want, he’s not a football man, he is simply an investor.
Welcome to The Pleasure-dome !