Portsmouth Supporters Trust offered 10% stake in club
Mon 22nd Feb 2010 | Clubs Ownership
Portsmouth fans have given a cautious response to the offer of Sulaiman Al Fahim's 10% stake in the ailing club according to the BBC.
It’s understood that Al Fahim quit as non-executive chairman at Fratton Park and wants to hand his shareholding to the Pompey Supporters' Trust (PST) free of charge.
The PST said an informal offer has been made but said more details were needed.
"The Pompey Trust is doing the right thing in their response to this apparent offer from Al Fahim," said Supporters Direct spokesman Kevin Rye.
"They need to ensure they take the right advice about the risks attached to becoming involved in any football club in the current climate, particularly for a shareholding in a business wracked with such uncertainty."
Supporters Direct, a partner of F.C .Business which was set up in 1999 to help fans' trusts buy shares and increase their influence in their clubs, is concerned the newly-formed PST could be unintentionally exposing itself to considerable financial risk as the heavily-indebted club faces a winding-up petition in the High Court on 1 March.
Rye admitted SD would normally be all in favour of trusts accepting 10% stakes in clubs but said Portsmouth's dire finances made this a more problematic case.
Al Fahim, who bought Portsmouth in August only to sell 90% of it six weeks later, said he was making this offer in order to give fans "a bigger say in the future of the club".
He claimed his lawyers have been advising him to walk away from the club "for the last week or so" but his mind was made up when current owner Balram Chainrai and chief executive Peter Storrie emailed him to stand down.
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