By Andrew Warshaw
March 11 – The biggest fan ownership scheme in English football has moved a vital step closer after the group hoping to buy stricken Portsmouth exchanged contracts to buy the club out of administration.
The move is now conditional on the High Court valuing the south-coast club’s crumbling stadium, Fratton Park, at a price the Pompey Supporters Trust (PST) can afford.
Iain McInnes has been formally appointed as club chairman, while Ashley Brown remains chairman of the trust itself. “We are on the verge of creating football history,” said Brown.
“Several thousand fans are already part of that and we urge others to now join us so that they to will own a part of their club. We must now focus on securing the release of the charge on Fratton Park which in turn will trigger the completion of the deal. We are confident of success in the court, but we would still welcome the opportunity to settle quickly and allow us to start the job of rebuilding the club with the community and supporters at its heart.’
After a succession of postponements, a date of April 10 or 11 has been set for administrators PKF to attend the High Court in an attempt to force through the sale of the stadium.
Hong Kong-based businessman Balram Chainrai believes he is owed £12m by Pompey and holds the stadium as security through his company Portpin – one of five different Portsmouth owners since 2009 – via a fixed charge. The PST says it is worth far less and has offered £3m.
The PST have already been approved by the Football League as well as the club’s creditors as preferred bidders but on the pitch Portsmouth are battling to avoid the humiliation of a second successive relegation that would see the 114-year-old club plummet into the fourth and lowest tier of the professional game in England.
But McInnes was upbeat about a new era for the crisis-torn club that has been in administration for over a year with debts of around £60m. “If you believe it you can achieve it,” he said.
“I’m proud to be part of a group of people who have collectively pulled together to get us this far. Finally the fans can see the end of what’s been a very long and challenging haul. We will not be counting any chickens just yet particularly as there’s due process to go through. However I believe that if a bid is to be judged on its merits, financially, operationally and motive then there can be only one outcome.
“The simple fact is that every penny we raise as fans, whether through the trust or as individual fan investors, will contribute directly to the rebuilding of our club. The money we have raised will be the most significant capital – as opposed to loan – injection the club has had in the past 30 years. It will mean Pompey fans will be in control of the destiny of our club.”
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