In a statement this evening, Portpin - the company run by former owner Balran Chanrai - has called for the administrators to be replaced as they say their case is fundamentaly flawed. The firm has offered to take over the running of the club and fund the administration costs themselves.
There was a fundamental flaw at the heart of the administrators’ case, even before the issue regarding the valuation of Fratton Park came up in court. The proposed purchaser of the stadium was simply not in a position to fund the purchase even at the minimum price PST offered. This has been a huge waste of time and money. Legal costs of around £400,000 have been awarded to us against the administrators, money that we are going to pursue administrators personally through the courts, to do all we can to ensure that the Club does not have to pay.
Portpin has offered to replace the administrator and to fund the administration until a fully funded buyer can be found, but to date the administrators have not taken us up on this offer. PKF have admitted in their application that they will run out of funds by the 21st of December. ** In what has already been the most expensive and longest running administration in the history of English football, there can be no further delays if this Club is to survive.
Although it is frustrating not to have a final outcome this week, as we had hoped, we welcome the opportunity for the administrators PKF to return to the courts between now and January and finalise our purchase of Portsmouth Football Club.
– Pompey Supporters Trust
This has always been a complex deal with several component parts - including some which have been outside of our control - and every part of the bid needs to be absolutely right to be approved by the courts and the administrators. We know any delay is frustrating for fans, but we are committed to completing the purchase of Portsmouth Football Club as soon as possible.
– Pompey Supporters Trust
We are extremely grateful to our supporters for their terrific support, and we continue urging our fans to pledge and be part of the biggest community club in the country. We are confident that we will be owners of Portsmouth Football Club in the next few weeks, and will continue to work on every last detail of our bid until this process is complete.
The court hearing between Portsmouth FC's administrators and Portpin is underway. However, due to a 'significant change' administrators are seeking an adjournment. The Judge is considering this request and is due to report back at 1230.
The hearing to determine the proposed sale of Fratton Park, scheduled for December 13 and 14 at the High Court in London, has been adjourned. It's not clear at the moment why there is a delay.
The administrator says the hearing is critical in deciding the future of Portsmouth Football Club. If the court agrees with the sale value of Fratton Park, they can sell the club as a going concern to the PST; if they lose, liquidation will become the most likely option.