Work on Bid continues with Administrator
UPDATE ON POMPEY SUPPORTERS TRUST BID AND COMMENT ON MILAND ADMINISTRATION
At the Creditors meeting on the 25th of June the Administrator of Portsmouth Football Club, Trevor Birch, confirmed that he had received the outline bid from the PST and said it "was worth serious consideration". Since then we have worked closely with Trevor and other parties to develop the bid so it can be accepted by him on behalf of the Creditors. That process is ongoing and, due to commercial confidentiality involved in a competitive bidding process, we regret that we cannot say more at this time.
As we have said all along, for a viable PST bid to be submitted, the wage bill MUST be reduced to enable a community run club to compete in League One. We are not encouraged by the current situation - a number of the squad are on unsustainable wages, and they need to move on quickly. If they do not move on quickly, then we will be unable to submit a viable bid for Portsmouth Football Club.
As promised, when the PST bid can be progressed we will send out details to all those who pledged £100 in order to buy shares. The PST bid prospectus will include as much detail about the bid itself and the business plan to run PFC as possible.
The PST bid is is a true Community Bid. We firmly believe that the City of Portsmouth needs a professional football club. Liquidation - which is still a real possibility - would be a devastating loss to not only the culture of the City but to the many Pubs, shops and other premises around Fratton Park that depend on the match day revenue to survive. Tourism from away fans coming to the City for many weekends of the year would also be lost. This club cannot be allowed to fail for the good of the City as well as for the Fans.
We would also like to assure Pompey fans that we are also keeping an eye on the Miland Developments situation and the land around Fratton Park that was in the possession of Mr Gaydamak. As you would expect the PST has always recognised the importance of the land and have been involved in discussions with various parties over the last 10 months and also consider it of equal importance the re-uniting of the land with Fratton Park to provide the re-development of the Park that the club has needed for decades.
Past regimes have come and gone, proposing to build stadiums away from the Fratton area, but the PST believe that Fratton Park should be the home of Portsmouth Football Club for decades to come and we will continue to work towards that aim.
ENDS