Tranmere Rovers reach £150k Mirabilis settlement

Sep 13 2007 by Nick Hilton, Liverpool Daily Post

Lorraine Rogers (158)

TRANMERE ROVERS say they have reached an out-of-court settlement with Mirabilis Ventures, the American private equity company that broke a loan agreement with the Wirral club.

Rovers claim they have come out of the affair with a profit of £150,000 as Orlando-based Mirabilis grapples with an array of larger financial and legal difficulties in the US courts.

Tranmere chairman Lorraine Rogers negotiated a £900,000 loan facility with Mirabilis in August 2006, following a visit to Florida.

Tranmere received £150,000 of the promised money but requests for the balance were refused, prompting the League One club to instigate legal action early last year.

Mirabilis, set up by businessmen Frank L Amodeo, a disbarred lawyer who had convictions for fraud, has been facing federal grand jury investigation into tax collection issues and lawsuits from across the US from companies claiming they failed to honour loan agreements.

Mirabilis scaled down operations, closed offices and shed staff over the past year.

Tranmere’s own legal action resulted in negotiations over the summer in which it was agreed the club will not have to repay any of the £150,000 borrowed last year.

Interest due on the loan will not be payable. Concern over the section of the car park at Prenton Park used to secure the loan has also been eased, Rovers say, with the charge on the land being released by Mirabilis.

Rogers said: “This brings the matter to a close. The outcome for the club is that we have received £150,000 that we do not have to repay.

“Although it is not turned out how any of us were expecting, we have ended up with a very good deal.”

Rogers told Tranmere’s shareholders in the spring that the club arranged a new loan with a more conventional lender after the Mirabilis deal collapsed.

Meanwhile, Tranmere take another price-cutting initiative to attract younger supporters into Prenton Park next month.

Rovers will charge just £5 admission for 17 to 22-year-olds (young persons) for the League One fixture against Crewe Alex at Prenton Park on Tuesday, October 2.

Chief executive Mick Horton said: “We recognise that a lot of young people are keen to come to see live football but cannot always afford to do so.

“With students returning to university and colleges we hope this offer will make it more practical for them to come to Prenton Park and enjoy the game.”

Tranmere were encouraged by the results of a price reduction for their Johnstone’s Paint Trophy first round tie against Morecambe earlier this month.

The attendance of 2,557 was more than 500 up on the gate for a second round tie against Darlington last season.