BusinessBusiness RecoveryAdministrators manage to obtain funds for Portsmouth

Administrators manage to obtain funds for Portsmouth

PKF administrtors manage to agree parachute payments with the Football League

PORTSMOUTH administrators from PKF have managed to obtain funding to keep the club going.

The Championship club entered administration on 17 February with PKF partners Trevor Birch, (pictured) Ian Gould and Bryan Jackson appointed.

Previously the administrators had said there were real concerns the club would not have enough finance to finish the season after both the Premier and Football Leagues refused to issue them with parachute payments.

Birch said at the time: “We had previously stated that there was a real danger of the club running out of cash before the end of the season. The risk of this happening increases substantially without the money from the football authorities.”

However, following talks with the Football League the Portsmouth will now receive its monthly payments of about £200,000.

“The League has confirmed that we will receive the four outstanding payments for the current season as and when they fall due, subject to any outstanding balances owed to other clubs. This money will go a long way towards plugging the club’s financial gap and allowing us to complete the season.

“This is clearly a very positive step but I wish to emphasise that we are not out of the woods yet. The additional money buys us more time but it does not solve the club’s problems and it does not guarantee the club’s survival.”

Birch added that Portsmouth FC may still need further player loans before it is able to find a buyer.

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