August 4, 1893
At an adjourned meeting of Preston North End Football Club, Major William Sudell presiding, the scheme for hosting the club as a limited liability company was adopted on the motion of Mr. Whiteside, seconded by Mr. Daly, and the chairman was empowered to sell to the company all property, rights, and privilege of the club at a sum to be fixed to cover all its liabilities and the cost of forming the company. There were only 60 members present, but some 300 shares were taken in the meeting. The chairman said that all last year’s players would remain with the club with the exception of David Russell.
(Liverpool Mercury: August 4, 1893)