And he warned: “Without this, the gulf between the haves and the have nots will continue to widen and the long-term future of the game will suffer accordingly. The only true losers here are the fans.”
Craig became chairman after the death of his father, Lancashire businessman Trevor Hemmings, who became owner of the football club in February 2010. The billionaire tycoon died in 2021 at the age of 86. His business empire included property investment and development company Northern Trust.
The club has appointed businessman Ian Penrose as its non-executive chairman. He has enjoyed a successful career in sport, technology, gaming and media, having been chief executive of London listed international companies Arena Leisure and Sportech for more than 20 years.
The Hemmings family appointed financial advisory group Rotschild & Co to carry out a strategic review.
In his update Craig said: “As a consequence of this review, we have concluded that for PNE to continue to be successful in the Championship and have the best opportunity to strive for Premier League status, we – the owners – need to reach out and engage with international sports organisations, private institutions or investment funds better geared, both commercially and financially, for maximising the true global potential of PNE.
“We will therefore be actively engaging with such potential organisations or individuals who would be interested in investing in or owning a club like PNE.”
A LICENCE TO PLAY
The new Independent Football Regulator (IFR) has published plans which will mean professional clubs will need to obtain a licence in order to compete.
It says its proposals “will go further than anything currently in place by assessing the full financial picture of a club”.
And, if adopted, they will mean that all Lancashire’s clubs competing in the top five divisions of the men’s game will need a licence from 2027-28.
Being granted a licence will depend on submitting financial plans, meeting corporate governance standards and consulting directly with fans on key matters.
Under its proposals, currently out for consultation, the IFR would have the power to cap clubs’ spending, and require them to reduce their debt. The chair of the
regulator, David Kogan, has described it as “a transformational change”.
In a statement the IFR said: “The licensing regime will give the IFR the tools to help protect clubs and their fans from the risks of financial mismanagement. It will also support fan engagement and good corporate governance.”
The IFR says it will place “significant emphasis on clubs’ liquidity positions and the sources of funding on which they rely.”
It says that it will “work with clubs to stress- test their finances, to improve decision- making and ensure long-term resilience.”
And it adds: “Should clubs be unable to demonstrate sound financial planning, the IFR will have the ability to require clubs to take steps to better manage day-to-day spending, such as increasing cash reserves, controlling costs or reducing debt.”
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The IFR has announced its goals for the game
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