After a very busy few days we would like to provide our supporters with more information on last week's court case.
The court action is between administrators PKF and Portpin. Whilst PST is obviously a very interested third party, we are not directly involved in the case. Therefore, it is impossible for us to provide full commentary, or reveal confidential information which has yet to be heard in court.
This is a live court case and we are sure fans will understand why we cannot say anything at this stage which might adversely affect the outcome.
Whilst it was very frustrating to be subject to a last-minute problem which was outside our control, we have used the last 48 hours to ensure our plans are flexible enough to accommodate different outcomes if we need to, in what the judge has described as a 'fluid' situation.
We will update you further as soon as circumstances permit, but, for now, we can assure you of three things;
1. We have the funding to succeed, providing we continue to convert pledges. Our individual 'high net worth' investors have lodged a seven figure sum in escrow, and pledges are coming in ahead of target. And, of course, your money less the small administration fee will be returned if our bid is unsuccessful.
2. Our bid has the confidence of the administrators and the Football League. That has not changed.
3. We fully expect to be the next owners of PFC, and believe we will proceed with the purchase of the club in the next few weeks.
We are extremely grateful to our 'Presidents' - the high net worth supporters of our bid who have funded the club in recent and future weeks whilst the court action takes place. Once again, Pompey fans have stood up to be counted to save the football club.
They believe we will succeed, and so does every member of our bid and advisory teams.
Nobody said this would be easy. Portpin, as the largest secured creditor, was never going to walk away quietly. We have a range of back-up options to deploy if any element of this complex project runs into problems.
In the meantime, the PST team is working night and day to make sure we are ready to secure the future of our football club at the earliest opportunity.
Your pledges, conversions and support take us a step closer every day to turning this club around. Thank you for your terrific support, and we promise to provide a fuller update as soon as we are able to.
Play up Pompey.
AshleyBrown
Chairman, PST