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.”
Pixel Projects Limited (Pixel) has been sold by SFP, which has saved the positions of all 34 employees
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK