BusinessBusiness RecoveryPortsmouth FC administrators exchange contracts with PST

Portsmouth FC administrators exchange contracts with PST

PKF administrators exchange contracts with Pompey Supporters Trust to sell the club, however the deal is dependent on a future High Court decision

PORTSMOUTH FC ADMINISTRATORS have exchanged contracts with the Pompey Supporters Trust, however, the deal hangs on an upcoming court decision.

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 ground is worth about £2.75m – meanwhile, the owner of the grounds, Portpin, claims it is closer to the region of between £8m and £11m.

The sale o the club to PST will set football precedent, as Portsmouth FC will become the largest fan-owned club in history.

Trevor Birch, joint administrator of Portsmouth Football Club, and a partner at PKF, said: “We can confirm that the administrators have now exchanged contracts with the PST for its purchase of Portsmouth Football Club.

“Completion is conditional only upon the court sanctioning the sale of Fratton Park and the Football League transferring the membership share.”

Iain McInnes has been appointed chairman and said: “The money we have raised will be the most significant capital – as opposed to loan – injection the club has had in the past 30 years. It will mean Pompey fans will be in control of the destiny of our club.”

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

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