Pompey Supporters Trust Set For Club Takeover
Thu 15th Nov 2012 | Clubs Ownership
Pompey Supporters’ Trust are on the verge of completing a takeover of Portsmouth Football Club according to the club’s administrators.
Negotiations to find a buyer for the South coast club finally look to be coming to an end after administrator PKF announced it had signed a sale agreement with the Trust.
Trevor Birch, PKF partner and joint administrator of Portsmouth Football Club (2010) Ltd, said:
“We can confirm that we have signed a sale agreement with the PST to acquire the business of Portsmouth Football Club.”
However, there are still issues surrounding the ownership of Fratton Park after Portpin, the club’s current owners rejected the Trust’s offer to buy the land.
“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,” Birch added.
“We are therefore in the process of submitting an application to the Court.”
Despite this set back, the Trust expressed its delight over the signing of the sale agreement in a statement released on their official website: “Following this morning’s announcement from PKF, the Pompey Supporters’ Trust has revealed their delight at the sale agreement to acquire Portsmouth Football Club.
“The deal is subject to receiving the court’s permission to sell Fratton Park to PST, after Portpin declined an offer.”
Ashley Brown, Chairman of the PST, said: “We are thrilled and proud to have signed a sale agreement with the administrator to buy and run Portsmouth Football Club. We hope to finalise the sale by Christmas, and go into 2013 with a fresh start for our great club. This is a special day for the thousands of Pompey fans who have stood by their club and stood up to be counted.
“We thank everyone for their support so far, and look forward to many more Pompey fans joining us, and being part of history, as we create the biggest community owned club in this country.”
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 is currently finalising a fans’ share prospectus, which will be distributed from Monday November 19 and will be available at www.communitypompey.co.uk from the same day.
“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,” added Birch.
“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,”
Posted by: Aaron Gourley
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