By Andrew Warshaw
November 27 – Fans hoping to own crisis club Portsmouth will find out whether they have succeeded when matters come to a head in court next month – with the prospect of liquidation if they lose.
Administrators endeavouring to sell the beleaguered, debt-ridden English south-coast club have agreed a unique agreement with the Pompey Supporters Trust (PST) but this is conditional on first gaining permission to take over the stadium – which is controlled by former owner Balram Chainrai.
Chainrai says his Portpin company is owed £17 million ($27 million/€21 million) and holds a fixed charge over the ground as security.
But the fans’ group believes it has offered a realistic sum to purchase it and a decision will now be made in the High Court in London on December 13 and 14.
“This hearing is critical in deciding the future of Portsmouth Football Club,” said administrator Trevor Birch.
“If the Court agrees with the sale value of Fratton Park, we can sell the club as a going concern to the PST; if we lose, liquidation will become the most likely option.
“This Court case is the culmination of months of hard work behind the scenes in trying to resolve the complex issues which this administration has posed.
“We will continue to work closely with the PST to finalise our case.”
The PST has offered Hong Kong-based Chainrai (pictured above) £2.75 million ($4.36 million/€3.43 million) but following his refusal to sell, the administrators were forced to go to court to force him to release his charge.
Pompey have been in administration since February and are said to be around £61 million ($97 million/€76 million) in debt.
If the court rules in favour of Chainrai, Pompey will be plunged into further crisis with no fresh investment on the horizon and, quite possibly, no ground to play at.
The PST admitted to being relieved as the long-running saga looks close to reaching a conclusion.
“It is a relief to know we will have some certainty sooner rather than later,” said chairman Ashley Brown.
“Our understanding is the matter will be resolved at this hearing as there is unlikely to be any grounds for any appeal.
“If all goes according to plan, and our legal advisors say we have a strong case, we will take control of Portsmouth FC shortly afterwards and the process of rebuilding our club can begin.”
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