Pompey Supporters' Trust Agree Portsmouth FC Takeover
Written by: Keith Tully
Published: 15th November 2012
After an arduous three years of financial turmoil, the Administrator of Portsmouth Football Club has signed an agreement to sell the club to the Pompey Supporters' Trust (PST), heralding the start of a new chapter for League One side.
Trevor Birch, PKF partner and joint administrator of the club, said:
"We can confirm that we have signed a sale agreement with the PST to acquire the business of Portsmouth Football Club.
"Portpin has rejected the Trust’s offer for Fratton Park, so the sale has to be conditional on receiving the Court’s permission to sell the ground. We are therefore in the process of submitting an application to the Court.
"I’m sure every member of staff, every player and every supporter will join with me in wishing to see a speedy resolution of what has been a protracted Administration. Everyone involved in the transaction has worked incredibly hard to get the deal to this stage and, although there is still much that needs to be done, today’s announcement marks what is hopefully the beginning of the end of the process."
Iain McInnes, proposed chairman of Portsmouth FC, added: "This truly is fantastic news and the start of a new chapter for Portsmouth Football Club. The hard work will continue during the court application process to ensure that we are in the best position possible to drive the club forward and build for the future ahead of the important January transfer window."
The Trust was named by PKF as the preferred bidder for the club last month out of the two bids received - the second being from former owner Balram Chanrai who is owed £17m by the club and holds a fixed charge on Fratton Park as security.
Pompey assistant manager Guy Whittingham now hopes the deal can be concluded before January to enable the club to bring in new faces in the transfer window.
"We want to make sure it is done for then to give us the best chance of getting players in and out," he said.
Pompey have been in administration since February and are said to be £61m in debt.
Author
Keith Tully
Partner
Keith has been involved in Business Rescue since 1992, during which time he’s worked for both independent and national firms. His specialties include company restructuring matters and negotiating with HMRC on his clients behalf.
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