By Andrew Warshaw
November 21 – One of the most bitter and lengthy ownership sagas in European club football is close to being resolved with cash-strapped Portsmouth – FA Cup winners only four years ago – on the verge of being taken over by its own supporters.
In what has been described as a landmark development for fan ownership, the 114-year-old club – which has suffered a dramatic fall from grace amid a succession of financial crises and is currently locked in administration in the third tier of English football – could be in the hands of the Portsmouth Supporters Trust (PST) by Christmas.
“There have been some dark days when I wondered why we were bothering but there is now light at the end of the tunnel,” Ashley Brown, chairman of the PST, told insideworldfootball in an exclusive interview.
“This shows what can be achieved by a group of committed fans who truly believe that clubs should be part of local communities, not owned by distant reckless owners who don’t have the same passion.
“We always felt this was achievable.
“This is a special day for the thousands of Pompey fans who have stood by their club and stood up to be counted.”
Although a few other clubs have given it a go, fan ownership is a relatively untried model in professional football but the PST is determined to make it work after suffering a succession of broken promises and false dawns.
The prospective Portsmouth chairman, local businessman and diehard fan Iain McInnes (pictured above), has already provided £250,000 ($400,000/€310,000) and more than 2,000 supporters have pledged an additional £1,000 ($1,600/€1,300) each in an attempt to put the club, which has twice been relegated in quick succession, back on an even keel.
“What we’ve had to battle against to get this far is an incredible achievement,” said Brown.
“We’ve proved we are the real deal and hope we are creating a blueprint for other clubs of similar size to try and regain control of their own clubs.
“We hope to finalise the sale by Christmas, and go into 2013 with a fresh start.”
Because they are administration, Portsmouth are limited to around 20 senior players, most of them on short-term loan deals because of the need to reduce the wage bill to keep the club afloat.
“We have to be realistic, there won’t be much of a transfer budget in January because we still have to live within our means,” said Brown.
“We do command bigger attendances than most clubs in our division but we won’t be throwing money at players we can’t afford.
“That’s how this club ended up where it is.
“We have to operate on a sustainable model.
“We aim to be around for years to come.
“It’s the way that most clubs should think about operating.
“We want to be ahead of the game, pioneers if you like.”
With exclusivity documents having been signed with administrators PKF, paving the way for a successful fans’ takeover, one major hurdle still remains – and a rather a crucial one at that.
Taking over the club is one thing.
Being allowed to play at their current Fratton Park (pictured above) ground is another.
Unless PST wins an impending court battle with Hong Kong-based former owner Balram Chainrai’s Portpin company over the valuation of the ground, there is still a chance Portsmouth could wind up liquidated.
While the Trust values the ground at £2.65 million ($4.22 million/€3.31 million) and will fight tooth and nail to wrench the club’s main asset from Portpin’s grasp, Chainrai is reported to be holding out for five times that amount.
“Let’s be clear, he doesn’t own the stadium,” said Brown.
“He has a fixed charge against it.
“We have had at least five independent valuations, all of which value the ground at a similar sum to what we are offering.
“We fully expect the court will do the right thing.
“If we are liquidated, no-one wins, least of all Balram Chainrai.”
But Chainrai, who claims he is owed £17 million ($27 million/€21 million), clearly isn’t going to lie down without a fight.
“Despite ill-informed gossip to the contrary, the Football League have not rejected our application,” Chainrai was quoted as saying.
“We have satisfied the Football League regarding our business plan and cash requirements.
“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.”
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