Lorraine Rogers won’t close door on US investors

Sep 19 2007 by Nick Hilton, Liverpool Daily Post

Lorraine Rogers (158)

CHAIRMAN Lorraine Rogers says Tranmere Rovers will not close the door on the prospect of future involvement with American investors – in spite of a troublesome entanglement with Florida-based venture capitalists Mirabilis.

Rogers, now operating as Tranmere’s non-executive chairman said: “A consequence of the deal with Mirabilis is that we have widened our profile and network of contacts with the States.

“The fact that we entered into an arrangement with a US group in the first place illustrates that we are taking part in the increasing globalisation of English football and developing contacts with overseas groups.

“Whether we like it or not this is the direction the game is moving in and we need to investigate the opportunities for Tranmere.”

Rovers reached an out-of-court settlement with Mirabilis this month after the private equity company, based in Orlando, failed to honour a £900,000 loan agreement that was secured against a portion of the car park at Prenton Park.

The settlement was secured at the time when Mirabilis is mired in multi-million dollar lawsuits over its financial dealings with a number of US companies and is under federal grand jury investigation over the tax issues.

Mirabilis, set up by Frank L Amodeo, a debarred Georgia lawyer with convictions for fraud, was busy downsizing, shedding staff and moving offices while negotiating a settlement with Tranmere’s lawyers.

Rovers emerge with a deal that enabled them to keep the £150,000 they drew from Mirabilis last season – before the money dried up – without interest charges. Legal fees are likely to have eaten into that profit.

The charge on the land at Prenton Park was also released. But the fact that Tranmere had mortgaged some of their land to a private overseas company such as Mirabilis had become a concern for shareholders and supporters alike.

Rogers does not expect American interest in the English game to diminish. She said: “With Manchester United, Aston Villa, Liverpool and Oldham in US ownership and with the arrival of David Beckham in the States, it seems the appetite for US investment in English football is an all-time high.”