pompeyloyal
Vital Youth Team
The Pompey Supporters' Trust moved a significant step closer to taking control of Portsmouth FC after exchanging contracts on Thursday to buy the club out of administration in partnership with a number of individual investors.
The purchase is subject to agreement from the Royal Courts of Justice on the value of Fratton Park but now that the hearing date has been set for mid April, it means that the countdown to the Trust taking control of the League 1 club has now begun.
And the new Board of Portsmouth Football Club met at the offices of Verisona, the bid team's legal firm, at the same time to formally appoint one of the individual investors, Iain McInnes, as Chairman.
Trust chairman Ashley Brown said the moment was a significant one: 'We are delighted to announce that on Thursday afternoon we exchanged contracts with PKF for the acquisition of PFC, 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 on the verge of creating football history. 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 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.'
Iain McInnes added: 'If you believe it you can achieve it. 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. So let's get on and get this done.
'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,' he said.
The deal hinges on the judge allowing PKF to sell the club, including its principal asset Fratton Park, for a 'market value' and in the process satisfying the charge Portpin Ltd has. The legal advice the Trust has been given suggests PKF has a strong case as PST has made a true market value offer.
The Trust has raised around £2m through a share issue and confidence is high more fans will now join the Trust share scheme. The Trust will use the money raised to have a majority shareholding in the club, with the balance of shares owned by individual Pompey fan investors.
Fans can find out how to get involved with the community buy-out of Portsmouth FC at www.communitypompey.co.uk
A statement from PKF can be found here: http://www.portsmouthfc.co.uk/LatestNews/news/Update-From-PKF-4200.aspx
The purchase is subject to agreement from the Royal Courts of Justice on the value of Fratton Park but now that the hearing date has been set for mid April, it means that the countdown to the Trust taking control of the League 1 club has now begun.
And the new Board of Portsmouth Football Club met at the offices of Verisona, the bid team's legal firm, at the same time to formally appoint one of the individual investors, Iain McInnes, as Chairman.
Trust chairman Ashley Brown said the moment was a significant one: 'We are delighted to announce that on Thursday afternoon we exchanged contracts with PKF for the acquisition of PFC, 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 on the verge of creating football history. 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 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.'
Iain McInnes added: 'If you believe it you can achieve it. 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. So let's get on and get this done.
'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,' he said.
The deal hinges on the judge allowing PKF to sell the club, including its principal asset Fratton Park, for a 'market value' and in the process satisfying the charge Portpin Ltd has. The legal advice the Trust has been given suggests PKF has a strong case as PST has made a true market value offer.
The Trust has raised around £2m through a share issue and confidence is high more fans will now join the Trust share scheme. The Trust will use the money raised to have a majority shareholding in the club, with the balance of shares owned by individual Pompey fan investors.
Fans can find out how to get involved with the community buy-out of Portsmouth FC at www.communitypompey.co.uk
A statement from PKF can be found here: http://www.portsmouthfc.co.uk/LatestNews/news/Update-From-PKF-4200.aspx
