Trust submit bid to buy Pompey!
POMPEY SUPPORTERS' TRUST BID FOR PORTSMOUTH FOOTBALL CLUB
Today (Friday 22nd June 2012) the Pompey Supporters Trust have submitted a bid to purchase Portsmouth Football Club to PKF, the administrators of PFC.
Rosemary Penn-Newman, partner in BTG Corporate Finance part of the Begbies Traynor Group commented "We have today submitted a bid on behalf of the Pompey Supporters Trust for the acquisition of Portsmouth Football Club. The Trust has been working on putting this bid together for some time but we feel that we now have an offer that deserves serious consideration. We are unable to disclose the contents of the bid which has been submitted to Trevor Birch, one of the administrators. There is a creditors meeting scheduled for Monday 25th June when any bids for the Club will be reviewed. Whichever bidder ends up in the driving seat there will still be lot of work to do to ensure a successful completion, the most important of which is continuing the on-going negotiations with the creditors."
Ashley Brown, Chair of the PST and leader of the bid team, said "In recent years the community as a whole has become disenfranchised from Portsmouth FC. Huge amounts of money came into the football club and disappeared into the pockets of a few, whilst local businesses remained unpaid. Whilst today's proposal from the PST cannot right all those wrongs, we do believe we offer the best future for the club and community. If we are given the opportunity by the creditors to take over PFC we aim to bring an end to the severe financial mismanagement of recent years and ensure it never happens again."
The PST Board would like to thank the teams at Verisona, Begbies Traynor and Taylor Cocks who have helped us over the past few months and also the many, many Pompey Fans that have kept the faith and pledged so far. Submitting a bid is the first step - and in important one in itself. We now want the bid to succeed and become a milestone not just for Pompey, but for fan and community involvement in football clubs.