Portsmouth FC administrators receive early court date

by Rachael Singh

More from this author

21 Nov 2012

  • Comments
Portsmouth FC badge

PKF ADMINISTRATORS to Portsmouth FC have received an early court date for the future of the collapsed club.

Portsmouth FC entered administration for the second time in two years on 17 February, with PKF partners Trevor Birch, Ian Gould and Bryan Jackson appointed.

The sale of the club to the Pompey Supporters Trust (PST) rests on the disputed valuation of the club's grounds. The PST claims the Fratton Park ground is worth about £2.75m – meanwhile, the owner of the grounds Portpin claims it is closer to the region of £11m.

A court date has been set of 13 and 14 December to decide the valuation. However, if the court finds in favour of Portpin, which is majority owned by Balram Chainrai, the administrators will have no option but to liquidate the club.

Birch said: "This hearing is critical in deciding the future of Portsmouth Football Club. If the court agrees with the sale value of Fratton Park, we can sell the club as a going concern to the PST; if we lose, liquidation will become the most likely option.

"This court case is the culmination of months of hard work behind the scenes in trying to resolve the complex issues which this administration has posed. We will continue to work closely with the PST to finalise our case." 

Visitor comments

blog comments powered by Disqus
display:none

Add your comment

We won't publish your address


By submitting a comment you agree to abide by our Terms & Conditions

Your comment will be moderated before publication

Submit
  • Send

Newsletters

Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials

Careers

Search for jobs
Click to search our database of all the latest accountancy roles

Create a profile
Click to set up your profile and let the best recruiters find you

Jobs by email
Sign up to receive regular updates with the latest roles suitable for you

Briefings

budget-management

Why budgeting fails: One management system is not enough

If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.

cchcover

iXBRL: Taking stock. Looking forward

In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.