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.”
Head of Editorial Kevin Reed looks at the week's news, including the BHS and Austin Reed administration, Accountex and much more.
MPs launch probe into the sale of BHS that will look at role of auditors and accountancy firms in sale process
A short moratorium will give struggling companies a chance to be open with their creditors and negotiate a way out of their problems transparently, says Sykes
Out of a dozen sectors profiled only oil and gas and manufacturing were deemed to have a higher than normal risk of insolvency