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AF NEWS
Larry Ellison buys into Portsmouth FC
New York
01-04-04
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Larry Ellison, founder and CEO of Oracle Corp, has succumbed to the lure of buying a stake in Portsmouth FC, one of twenty football clubs in the hugely popular English Premiership.
In a move reminiscent of Russian billionaire Roman Abramovich's takeover of Chelsea FC, Ellison is teaming up with fellow-IT entrepreneur and present owner Milan Mandaric in a bid to turn Portsmouth into a world footballing force.
Ellison and Mandaric are firm friends with similar interests, having made their fortunes on software development, and both now devote a large part of the freedom wealth inevitably brings to that rich man's playground - sport.
Portsmouth FC sits on the idyllic south coast of England, near to where the Titanic set sail almost a hundred years ago. Although the club has seen better times - they were league champions in consecutive years from 1949 to 1951 - they are on the verge of reclaiming past glories after being crowned 2002-2003 First Division champions and now reside among the elite of English football in the Premiership.
In an interview in New York, Ellison - who is as well-known for his playboy image as he is for standing up to Microsoft's Bill Gates - said, "My girlfriends talk all the time about soccer. But I understand the game in England is played by men - [which is a] pity.
The avid sailboat racer and licensed jet pilot added, "I prefer basketball and sailing myself although," he gesticulates with a limp wrist, "some people prefer the delicate game of bridge," in a less-than-veiled dig at nemesis Gates.
Ellison is buying an initial 12.49 per cent of Portsmouth FC from owner Mandaric, with an option to double his investment to 24.99 per cent in a year's time.
Asked why he chose Portsmouth over a host of more fashionable clubs such as Manchester United, Liverpool and Arsenal, Ellison said, "I grew up near the sea so there's a natural affinity between me and a club that's called Portsmouth." Ellison is named after Ellis Island where he was born and raised by Jewish relatives.
A spokesman for Ellison said he did not intend to seek board representation, but will be open to injecting funds into the club should the need arise for player purchases.
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Larry Ellison
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Speaking on condition of anonymity, a representative of Portsmouth FC said, "We have heard for a while that some bigwig might be investing in our club. But never in our wildest dreams did we imagine it to be Larry Ellison. He is one of the world's richest men, and although money can't buy success, we are delighted as to the possibilities that Mr Ellison's involvement brings, having seen the success that Roman Abramovich has brought to Chelsea in the short time he has been there.
"It's now just a case of our lawyers dotting i's and crossing t's. Hopefully the official announcement will come just as we are assured of our place in the Premiership next season, so our fans will have double cause for celebration."
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