Pompey prospector stays in shadows

BY foxsports • March 21, 2010

Property developer Rob Lloyd, who has not ruled out putting some of his own money into the stricken club, has been given the go-ahead by administrator Andrew Andronikou to carry out due diligence on Portsmouth's financial state in the coming week. Lloyd insists the principal investor involved in his consortium is wealthy and UK-based, but is adamant he will not make his identity public knowledge unless a decision is made to pursue a buy-out. That could further frustrate Portsmouth fans, who have seen their club change hands four times since August. Lloyd told BBC Radio Five Live's Sportsweek programme: "Until you are in a position where you can physically buy the club, knowing all the ramifications associated to this purchase, my client does not want to come in the front line - that's why he has put me in this. "You mention a name then the press are all over you, queuing up outside the house and all of that. It is far too early. People need to back off and let us get on with the job and let my client get into a position where we know what we're actually buying. Once we have done that I see no reason why my client won't come out in the public eye." Portsmouth have debts of around £80million, but Lloyd said: "The motive behind (the takeover interest) is all about opportunity and I guess that's why I was approached initially. "I'm used to buying off distressed sellers, we're looking at a club now that is on its knees, it's had a bad storyline, there has been a lot of uncertainty, mistrust and so on and so forth. "My investor has seen those opportunities, and at the bottom it can't go much lower can it?" Lloyd, who expects the due diligence process to take approximately a fortnight, has not ruled out putting his own money into the buy-out, reassured any fans concerned by the fact that his Eatonfield Group company has debts of around £27million. "We've all gone through a global depression and a lot of people have been very hard-hit," he said. "We have a debt with the company but we have a substantial property base in terms of a net asset value. The debt is one thing, the actual capital value of the company is another."

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