Ex-Disney CEO Eisner buys English soccer club Portsmouth

Markets Associated Press

Michael Eisner, a former chief executive of The Walt Disney Co., has bought English soccer club Portsmouth.

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The third-tier team says Eisner completed the takeover on Thursday ahead of the new season, which starts on Saturday.

Portsmouth won the FA Cup in 2008 while in the Premier League, but it had spent beyond its means in the pursuit of glory.

The south-coast team endured financial turmoil that saw it enter bankruptcy protection and plunge into English soccer's fourth and lowest professional league.

Fans rescued Portsmouth by taking control through a trust in 2013, the start of the upturn in fortunes. Promotion to the third-tier League One was secured in May while Eisner was in takeover talks.

Eisner will be joined on the board by sons Breck, Eric and Anders.