BDO ADMINISTRATORS have announced that Portsmouth FC has been sold out of administration to the Pompey Supporters Trust (PST).
The club entered administration for the second time in two years on 17 February, with BDO partners (previously PKF) Trevor Birch, Ian Gould and Bryan Jackson appointed.
Portsmouth’s future has been uncertain due to a litany of problems, most recently with a dispute between the club’s ground owners and the purchasers.
The PST claimed Fratton Park was worth about £2.75m – meanwhile, the owner of the grounds, Portpin, claimed its value was closer to the region of between £8m and £11m.
A court date was set and pushed back several times from the end of last year to a hearing finally taking place this month. However, the administrators managed to secure a deal between PST and Portpin shortly after the court hearing to decide the valuation began.
Birch said: “We have cleared the final hurdle: all of the paperwork has now been signed and the sale concluded. It has taken more than 14 months of hard work from all concerned to get here and there were many times over that period when I didn’t think we would make it; but we have, and Portsmouth Football Club can once again look forward to the future with optimism.
“The PST has shown what can be achieved when fans unite together for the good of their community. The club has been through considerable turmoil over the last few years, and I hope it can now enjoy a period of stability and the chance to build solid foundations for a sustainable future based on hard work and honest endeavour.”
The administrators will now transfer the assets of the club, such as player contracts, to a new entity, which is likely to be called the Portsmouth Community Football Club, and will be owned by the PST.
The original ‘club’ Portsmouth Football Club (2010) Ltd, remains in administration and will be liquidated shortly, with BDO partners to be appointed.
As part of the league rules all football clubs must exit an administration via a Company Voluntary Arrangement – which is an agreement to repay a percentage of debt over a contracted period of time.
The administrators have transferred the assets of the club to a new entity, will liquidate the old entity, and the new club will make CVA payments through the liquidated entity as part of the football league rules.
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