PKF ADMINISTRATORS have been delivered another delay at collapsed football club Portsmouth FC as a court date to decide the club's future has been given its fifth court hearing date.
Papers were filed in November with a court date originally set for 13 and 14 of December. However, the date was pushed back until 15 January. All the involved parties agreed to delay the hearing until 31 January which was postponed until 14 February with a new court date now set as 21 February.
The future of the club rests on its sale to the Pompey Supporters Trust (PST). A court date has been set to resolve a dispute on the valuation of the club's grounds which will determine whether or not PST will be able to buy Portsmouth FC out of administration.
The PST claims the Fratton Park is worth about £2.75m - meanwhile, the owner of the grounds Portpin claims it is closer to the region of £11m.
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 PST said it welcomes PKF administrators' continued support for its bid and remains confident it would prevail, despite the latest adjournment in the High Court.
Colin Farmery, PST spokesperson said: "The adjournment is frustrating, but PKF make it clear we remain the preferred bidder.
"Our bid is ready to go as we have been saying for some time now. We have around £2.5m in escrow from fan pledges and our individual investors, a figure we are confident will grow substantially once our bid proceeds."
You may also like
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.
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.