PST STATEMENT - PST READY TO DO THE DEALS TO SAVE POMPEY
Portsmouth Football Club stands on the brink of extinction.
In a frank and open meeting between representatives of Pompey
Supporters Trust and the administrator, Trevor Birch, on Tuesday it
became apparent that there was an unbridgeable gulf between the claims
made by the players and the amount that a new company run by the local
community could afford to pay. It is increasingly unlikely that
Portsmouth Football Club will be sold as a going concern.
The administrator has become frustrated in his negotiations with
players and their agents and has said that unless they are prepared to
agree to a much lower level of claim the Club will go into
liquidation.
He has set a deadline of Friday 10th of August 2012.
If the Club goes into liquidation it will lose its league position,
and its right to the £11 million of parachute payments from the
Premier League. It will also mean that the players who, on a going
concern sale are treated as “football creditors” and must be paid,
lose all such rights and will be treated as ordinary unsecured
creditors in the liquidation. It is unlikely that there will be any
significant dividend in a liquidation.
PST has been working on its bid for four months, having organised the
most successful fan pledge scheme of its type, which has raised a
substantial seven-figure sum. The Trust is ready to do what is
required to save Portsmouth FC, but we urge the players to see the
reality of the situation and sit down with our representatives so we
can explain our deal.
Unless they agree to this it is clear that the players will get
nothing if the club is Liquidated on the 10th of August by PKF.
“We are ready and able to see this process through and buy the Club.
We have made a good offer and are making good progress in raising
funds. The one remaining hurdle is the payment of football creditors,
but if they don’t shift we simply cannot do a deal outside
liquidation.” said Ashley Brown, Chair of PST.
Anthony Fanshawe of Begbies Traynor, who is advising the Trust bid
team added: ‘I have two messages for the players. Number one is that
if you do not agree a sensible deal the Club will go into liquidation
in a couple of weeks and you will get nothing. Number two, we are
willing to meet you at any time to discuss terms and put the deal to
bed as soon as possible.
Meet with us and together we can save Portsmouth Football Club"
END
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