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 Posted by ESPN Staff
Apr 6, 2010

Lloyds starts to look into Portsmouth's books

Portsmouth could soon have a new owner after representatives of an investor interested in taking charge of the stricken club began the process of due diligence.

Rob Lloyd, the businessman fronting the bid for an unnamed colleague, arrived at the club on Tuesday morning with a lawyer to commence the study of their accounts.

No exclusivity period has been entered into due to the additional financial commitment that would have entailed - a fee of £5,000 was required simply to gain access to the books.

Lloyd told Sky Sports News: "We decided not to go down the exclusivity route as we would have had to put another £1 million down initially, which nobody in their right mind would do.

"We've now decided to go down the NDA - non-disclosure agreement - route, so one has to be very careful what we can say going forward. We're under a strict basis there that we can't disclose anything that we see today, and that will remain the case.''

Lloyd has repeatedly refused to disclose the identity of the money-man behind the bid for the club, who entered administration in February.

He stuck to his guns when pressed on the subject, saying: "Let's do one thing at a time. I've said what I'm going to say on the subject, I'm going to remain private on that matter as I have been asked to.

"At the moment it's certainly a single investor who has asked me to front the position here, which is what I'm doing, and that's where we're at.

"Once we've done the due diligence process it's up to that person, individual, investor to come out if he so wants to do. But let's get to a stage where we can actually make a formal bid.''

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