PRESTON North End's major shareholder, Baxi, has sold over 150,000 shares in a move that reduces it's holding to just over 50 per cent.

The move by the Bamber Bridge-based domestic heating giant represents 12 per cent of all PNE shares.

They have been bought by the investment management specialists the AIM Trust. The sale was heralded as part of Baxi's strategy to widen share ownership in the club.

It is seen as a way of involving people in the success of the club which last season clinched promotion to the Nationwide Division Two. There are now more than 2,000 shareholders in the Preston area.

Bryan Gray, Chief Executive of Baxi Partnership and Chairman of Preston North End plc said it was the club's long term plan to retain between 25 and 45 per cent of the shares in order to keep stewardship of the club.

"People are waking up to the fact that we are delivering the goods," said Mr Gray.

Robert Mitchell, a Fund Manager with the AIM Trust based in London, said he was very impressed with the club: "We are going in at a time when the club is on its way up. The new stand looks great and it was brilliant that the team won the title.

"From a commercial point of view we think they have done a good job in turning the club around."

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