Deepdale PNE Holdings (DPNE) has agreed a takeover deal for Preston North End Football Club (PNEFC) after acquiring 51 per cent of the club.

The company, which has increased its shareholding in the Coca-Cola Championship club from 28 per cent, will now have to make a mandatory offer for the remaining shares. DPNE, a subsidiary of the Hemmings family-owned Grovemoor, said it will withdraw its takeover bid if its offer of 5p per share was not accepted by the remaining PNEFC shareholders.

If a deal is completed, DPNE said it will seek to resolve the club's financial difficulties and avoid administration, which comes after PNEFC was served with a winding up order in May.