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Old Mutual is believed the ‘major investor’ backing the consortium on the brink of taking over troubled Premier League club Portsmouth.
The consortium, headed by property tycoon Rob Lloyd, is also understood to have investment from a New York hedge fund, according to the Sunday Telegraph.
It is believed the group will place £3m into an ‘escrow' account as a deposit and is prepared to make around £15 m available upfront to cover the club's running costs. The total cost of the acquisition could be £30m.
The paper says Lloyd hopes to enter into confidential and exclusive arrangements with the club's administrator Andrew Andronikou today, ahead of tonight's clash with Liverpool.
Portsmouth last week announced 85 employees, including catering staff and cleaners, would be sacked in an attempt to cut expenditure.
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