Jim Bakker said Saturday he has found a banker to handle the transaction that will allow him to buy PTL, the bankrupt ministry he founded and lost over a sex scandal.
Earlier in the week, PTL trustee M.C. "Red" Benton said Bakker's bid for PTL was the best on the table and he should be given a second chance to run the television ministry that reaches millions of American homes.But doubts arose over whether Bakker would be able to pull together financing for his $165 million bid when he failed to come up with an acceptable $3 million letter of credit by Friday.
Backing to buy PTL will come from an unidentified Greek tycoon who wants Bakker to put it in certificates of deposit in an American bank and then use it as collateral to secure a loan from the bank for the actual purchase, said Bakker attorney Jim Toms.
Toms said finding a bank to process the transaction has been difficult, but Bakker said a banker friend from the Midwest assured him Saturday the bank is willing to process the deal and will give him a letter of credit after the bank opens Tuesday.
"I have located an old friend, an executive of a bank in the Midwest and they have agreed to take the international funds and to process it," Bakker said in a telephone interview. "I don't have anything in writing yet, but he is a major officer of the bank," said Bakker. "They will accept the money from our backer and issue me a letter of credit."