It has been announced this morning that Portsmouth’s administrators have agreed a sale of the business of the football club to the fans.
A consortium, led by Pompey Supporters’ Trust, have signed a sale agreement which will see them take charge of the club’s everyday running and ownership.
At this moment, the deal is conditional upon the court permitting the sale of the ground, over which the previous owners hold a charge. In this situation, where the football club has gone into administration, the Court must be satisfied, on application by the Administrator’s, that the sale is in the best interests of the club’s creditors – ie. those who are owed money. It is clear that the Administrators support the offer put forward by the Pompey Supporters’ Trust as being in the best interests of the creditors, and therefore I think it likely that the sale of the ground will be permitted.
PST chairman Ashley Brown has stated that today is “the start of a new chapter for Portsmouth Football Club’ and should everything go to plan, the Trust hope to have completed the sale by Christmas, in time for the transfer window in January.
Supporters Trusts have taken over a growing number of clubs, although in English football, these have previously been in clubs lower down the divisions. It is hoped that this sale will produce a conservative, sensible approach to the running of Pompey. Historically, from the outside looking in, owners of the club have been unrealistic in terms of transfers, player wages and perhaps ambition; which has ultimately led to the long term demise of Portsmouth Football Club.
By Daniel Draper, Sports Lawyer