Portsmouth chief Andy Cullen explains impact of key Michael Eisner ownership changes - and future spending
Tornante became Blues owners in August 2017 following fan ownership
Andy Cullen reflected on the impact of Pompey’s key ownership changes and insisted: This gives us security for the future.
The Blues’ chief executive has moved to explain the reasoning behind Michael Eisner’s ‘succession planning’, which was announced last week.
The 84-year-old, who owns Tornante, has transferred 73.5 per cent of his shares in the club to his three sons - Breck, Eric and Anders.
Each of the three now own 24.5 per cent in the club, with Michael having 26.5 per cent, although continuing his position as Pompey chairman and retaining all voting rights.
And Pompey’s chief executive is adamant the decision has been made for the good of the football club.
’It gives us long-term security in terms of owner funding’
Cullen told The News: ‘At the moment, these changes don't affect anything. Only to the extent that it gives us security, it gives us confidence, it gives us certainty, which is really important.
‘None of us are getting any younger and we have to continue to plan for the future and what that looks like - and this is part of Michael’s succession planning programme.
‘He has given each of his three sons 24.5 per cent of the shares of the economic value in Portsmouth Football Club. That is important as part of succession planning because it means, going forward, the club has long-term security in terms of owner funding.
‘Michael celebrated his 84th birthday last week and you have to continue to look with one eye on what happens next, so it brings Eric, it brings Breck, it brings Anders. They have been directors from the very, very start and are having an economic interest in the football club, which is really important to us.
‘The handling of those shares is a private matter between the family and hasn't impacted anything in terms of the football club going forward. The shares have a normal value, so they will just have been transferred.
‘Funds in the future can continue to be fully diverted into the football club. So that’s the first key thing which is really important to us in terms of that strategy going forward.
‘It also shows the commitment of the family long-term, which means we can continue in confidence to invest in the squad and continue to invest in Fratton Park for the long-term and not worry about what the next 6-9 months might bring to the future of this football club.
‘Michael remains chairman, he retains 100 per cent of the voting, and he will still need to sign off all the key decisions going forward, particularly in terms of increased investment. That all still belongs to him. However, this gives us security, confidence and certainty.’
Pompey accounts expected out this week
Pompey last month appointed Ronan Callaghan to replace long-serving chief operating officer Tony Brown, who left in September 2025 after 12 years at Fratton Park.
Callaghan, who arrives from Wentworth Golf Club where he was group finance director, takes on the title of chief financial officer at Fratton Park.
With Callaghan now in place, Pompey’s accounts for the year ending June 30, 2025 are expected to be announced in the coming week.
Meanwhile, the inception of the Independent Football Regulator (IFR) requires both Cullen and Callaghan, as senior executives, to also be included on the owners and directors’ test.
Pompey’s chief executive added: ‘Michael has the final voting rights, those are the key things which are important to the EFL and the FA in terms of who actually runs the football club, who is a significant owner.
‘It is also prominent in the new Independent Football Regulator, they’re really, really tightening things up in terms of owners and directors’ tests. So much so that I will now be included as a senior executive, along with the chief financial officer.
‘Some supporters may feel that Michael makes all the day-to-day decisions in the football club, but he delegates the day-to-day running of the club to myself. Then, in terms of these big financial investment decisions going forward, Michael has the control on those.
‘With players we go for, team selections, that's what they empower the executive to get on with, being myself, John, Rich and Ronan, making those day-to-day decisions and the day-to-day running of the football club.’
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