Portsmouth Supporters Trust Gets Nod for Takeover
Written by: Keith Tully
Reviewed: Friday 19th October, 2012
Finally some good news for Portsmouth FC fans after it was announced that the Portsmouth Supporters’ Trust is the preferred bidder to take over the club.
The administrator, PKF, announced the news yesterday (Thursday) to offer a chink of light at the end of an eight-month insolvency ordeal tunnel.
There is still a long way to go with another bidder, Balram Chainrai’s Portpin company, still vying for the purchase but the Pompey fans’ group are leading the race.
PKF is understood to have sought assurances from the trust that, after court costs have been paid, it would still be able to honour its twopence-in-the-pound bid to unsecured creditors – these assurances were made yesterday which left long-suffering fans in buoyant mood.
“Although there remains a huge amount of work to be done to ensure the right outcome for the club, we are confident we will succeed,” said Iain McInnes, who will become chairman of Pompey upon a trust takeover.
“We believe our bid is realistic and credible, which is a view shared by the administrator. We will be working closely with [PKF’s] Trevor Birch and his team in the coming days and weeks to ensure our bid will meet all legal and financial requirements.”
Ashley Brown, the PST chairman, said: “This is a pivotal moment in the history of Portsmouth Football Club, but also to the wider footballing world.
"There is a lot of work to be done, but the PST’s ethos is clear: run the club both transparently and honestly, with the fans at the heart of Portsmouth. The PST believes this new club model is the future of sustainable football ownership in the Football League.”
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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