By Andrew Warshaw
November 16 – After lurching from one crisis to another through an era of financial mismanagement, there is finally light at the end of the tunnel for troubled English club Portsmouth.
The Pompey Supporters’ Trust (PST), representing hundreds of fans, hope to take over before Christmas after signing a conditional agreement with administrators PKF who have been struggling to sell the club.
Portsmouth, who have plummeted into League One, have been in administration since February and are said to be around £61 million ($97 million/€76 million) in debt.
Administrator Trevor Birch has been steering a delicate path throughout complex negotiations in an effort not to prejudice any of the parties involved.
The PST has pledged a minimum of £1,000 ($1,600/€1,300) each to buy a stake in the club.
“We can confirm that we have signed a sale agreement with the PST to acquire the business of Portsmouth Football Club,” Birch said.
If the deal goes through, it will represent of the few cases of fan ownership in the English professional game.
Supporters’ groups have long been pushing for greater involvement but raising the money has always been the stumbling block.
Even now, however, there remains a major sticking point.
PKF must first gain permission to sell the club’s Fratton Park (pictured above) ground after former owner Balram Chainrai’s company Portpin, which holds the ground as security, refused PST’s offer of £2.75 million ($4.36 million/€3.43 million).
Birch will now go to the High Court of Justice to try to push the sale through.
“Portpin has rejected the offer for Fratton Park,” said Birch.
“So the sale has to be conditional on receiving the Court’s permission to sell the ground.
“We are therefore in the process of submitting an application to the Court.”
Chainrai (pictured below) is owed around £17 million ($27 million/€21 million) by Portsmouth but Birch said: “I’m sure every member of staff, every player and every supporter will join with me in wishing to see a speedy resolution of what has been a protracted administration.
“Everyone involved in the transaction has worked incredibly hard to get the deal to this stage and, although there is still much that needs to be done, today’s announcement marks what is hopefully the beginning of the end of the process.”
The news was welcomed by the PST chairman Ashley Brown who called the move “a special day for the club”.
“This truly is fantastic news and the start of a new chapter for Portsmouth Football Club,” said Brown.
“We hope to finalise the sale by Christmas, and go into 2013 with a fresh start for our great club.
“We believe that keeping Fratton Park under the ownership of the club – which our bid guarantees – is of paramount importance to the future of Portsmouth Football Club if it is to remain at the heart of the community.
“The hard work will continue during the court application process to ensure that we are in the best position possible to drive the club forward and build for the future ahead of the important January transfer window.”
However, in a statement issued to the BBC, Chainrai said he still believed his offer for the club was the best offer.
“We remain ready to complete the deal in a matter of days, should the Trust be unsuccessful,” said the statement.
“That is our intention and, despite ill-informed gossip to the contrary, the Football League have not rejected our application.
“We have satisfied the Football League regarding our business plan and cash requirements and we have answered all other questions regarding the Owners and Directors’ test.”
Contact the writer of this story at zib.l1734796516labto1734796516ofdlr1734796516owedi1734796516sni@w1734796516ahsra1734796516w.wer1734796516dna1734796516