Post by reddevil25 on Apr 20, 2013 11:42:35 GMT 8
Guys, anyone here familiar with the Portsmouth situation? They just exited administration(finally!); Here's the article off the BBC:
Portsmouth come out of administration
By Nabil Hassan
BBC Sport
Portsmouth are out of administration, with the club now officially owned by the Pompey Supporters' Trust (PST).
The club have been in administration since 17 February 2012 and were close to being liquidated over the 14 months.
But an out-of-court settlement between the former owners and administrators for ownership of Fratton Park meant a takeover could be completed.
The Football League must now decide when to deduct the club 10 points for officially exiting administration.
With Pompey already relegated from League One, the penalty could be held over until next season, however, PST chairman Ashley Brown believes the points will be deducted immediately.
In the time that Pompey have been in administration, every senior player has left the club.
For the club to exit administration, settlements had to be reached with secured creditors as well as former owners Portpin.
Potential buyers included former owner Sulaiman Al Fahim, disgraced former Watford owner Laurence Bassini and Keith Harris, former head of failed investment bank Seymour Pearce.
But, as prospective owners came and went, the bid from the supporter-led consortium remained throughout.
Backed by several wealthy investors, including local businessman Iain McInnes, ordinary fans pledged £1000 each to be part of the Trust.
Together, they raised nearly £3m, which was added to by a £1.45m bridging loan, as well as investment from their property partner Stuart Robinson.
The Trust have now taken control of the club, along with Fratton Park and the land surrounding the ground.
"What a momentous day!" said Brown, the PST chairman. "Once again Pompey fans have shown why they are some of the best in the land. We now have a club owned by people who truly love it, its fans. That's how football is supposed to be."
Trevor Birch, joint administrator of Portsmouth Football Club (2010) Ltd and partner at BDO LLP, said: "We have cleared the final hurdle: all of the paperwork has now been signed and the sale concluded.
"It has taken more than 14 months of hard work from all concerned to get here and there were many times over that period when I didn't think we would make it; but we have, and Portsmouth Football Club can once again look forward to the future with optimism.
"The PST has shown what can be achieved when fans unite together for the good of their community. The club has been through considerable turmoil over the last few years, and I hope it can now enjoy a period of stability and the chance to build solid foundations for a sustainable future based on hard work and honest endeavour."
McInnes, Chairman of Portsmouth Community Football Club, said: "It has been a very difficult journey to get to this point but in the end we have achieved the right result. Now is the time for Pompey fans to get behind the club and we are looking forward to celebrating becoming a community club at Fratton Park this Saturday afternoon."
Portsmouth, two points off the bottom of League One and eight points adrift of safety with only two games left, have already been consigned to League Two next season.
They play Sheffield United on Saturday and will announce a new management team on Monday.
Here's a brief timeline:
14 months of uncertainty
Feb 2012: Portsmouth enter administration and are docked 10 points. Thirty staff including chief executive David Lampitt are made redundant.
March: The administrators of Portsmouth and Rangers hold talks about a friendly match to raise funds for the two financially troubled clubs. Administrator Trevor Birch reveals that the next four Premier League parachute payments will go to former owner Sacha Gaydamak.
April: Administrators of the club reveal debts of £58m and make several more staff redundant. Pompey are relegated from Championship. Trevor Birch says the club have a "50/50" chance of survival.
May: Former Portsmouth owner Balram Chainrai makes an offer to buy the club.
June: The Pompey Supporters' Trust opens talks with administrators of the club as manager Michael Appleton starts fire-sale of all senior players.
July: Appleton takes a youth team and unsigned players on pre-season tour of Gibraltar. Football League announces a further 10-point deduction.
August: Liam Lawrence becomes the last senior player to leave Pompey.
September: Pompey earn their first win in League One. Former Watford owner Laurence Bassini submits formal offer for the club. Former owner Sulaiman Al Fahim also confirms interest.
October: The PST is named 'preferred bidder' for the club. Appleton is linked to jobs at Burnley and Bolton.
November: Appleton leaves Portsmouth for Blackpool shortly before his one-year anniversary.
December: A High Court hearing to determine the future of Pompey and force the sale of Fratton Park is adjourned.
Jan 2013: Staff are forced to take a further pay cut while the Football League confirms the club will face a 10-point penalty when they exit administration. The latest court case is adjourned.
February: Keith Harris makes a late bid for the club but his offer for Pompey is rejected by the Football League.
March: A court date is announced to force the sale of Fratton Park.
April: Administrators of the club reach an out-of-court settlement with Portpin.
Portsmouth come out of administration
By Nabil Hassan
BBC Sport
Portsmouth are out of administration, with the club now officially owned by the Pompey Supporters' Trust (PST).
The club have been in administration since 17 February 2012 and were close to being liquidated over the 14 months.
But an out-of-court settlement between the former owners and administrators for ownership of Fratton Park meant a takeover could be completed.
The Football League must now decide when to deduct the club 10 points for officially exiting administration.
With Pompey already relegated from League One, the penalty could be held over until next season, however, PST chairman Ashley Brown believes the points will be deducted immediately.
In the time that Pompey have been in administration, every senior player has left the club.
For the club to exit administration, settlements had to be reached with secured creditors as well as former owners Portpin.
Potential buyers included former owner Sulaiman Al Fahim, disgraced former Watford owner Laurence Bassini and Keith Harris, former head of failed investment bank Seymour Pearce.
But, as prospective owners came and went, the bid from the supporter-led consortium remained throughout.
Backed by several wealthy investors, including local businessman Iain McInnes, ordinary fans pledged £1000 each to be part of the Trust.
Together, they raised nearly £3m, which was added to by a £1.45m bridging loan, as well as investment from their property partner Stuart Robinson.
The Trust have now taken control of the club, along with Fratton Park and the land surrounding the ground.
"What a momentous day!" said Brown, the PST chairman. "Once again Pompey fans have shown why they are some of the best in the land. We now have a club owned by people who truly love it, its fans. That's how football is supposed to be."
Trevor Birch, joint administrator of Portsmouth Football Club (2010) Ltd and partner at BDO LLP, said: "We have cleared the final hurdle: all of the paperwork has now been signed and the sale concluded.
"It has taken more than 14 months of hard work from all concerned to get here and there were many times over that period when I didn't think we would make it; but we have, and Portsmouth Football Club can once again look forward to the future with optimism.
"The PST has shown what can be achieved when fans unite together for the good of their community. The club has been through considerable turmoil over the last few years, and I hope it can now enjoy a period of stability and the chance to build solid foundations for a sustainable future based on hard work and honest endeavour."
McInnes, Chairman of Portsmouth Community Football Club, said: "It has been a very difficult journey to get to this point but in the end we have achieved the right result. Now is the time for Pompey fans to get behind the club and we are looking forward to celebrating becoming a community club at Fratton Park this Saturday afternoon."
Portsmouth, two points off the bottom of League One and eight points adrift of safety with only two games left, have already been consigned to League Two next season.
They play Sheffield United on Saturday and will announce a new management team on Monday.
Here's a brief timeline:
14 months of uncertainty
Feb 2012: Portsmouth enter administration and are docked 10 points. Thirty staff including chief executive David Lampitt are made redundant.
March: The administrators of Portsmouth and Rangers hold talks about a friendly match to raise funds for the two financially troubled clubs. Administrator Trevor Birch reveals that the next four Premier League parachute payments will go to former owner Sacha Gaydamak.
April: Administrators of the club reveal debts of £58m and make several more staff redundant. Pompey are relegated from Championship. Trevor Birch says the club have a "50/50" chance of survival.
May: Former Portsmouth owner Balram Chainrai makes an offer to buy the club.
June: The Pompey Supporters' Trust opens talks with administrators of the club as manager Michael Appleton starts fire-sale of all senior players.
July: Appleton takes a youth team and unsigned players on pre-season tour of Gibraltar. Football League announces a further 10-point deduction.
August: Liam Lawrence becomes the last senior player to leave Pompey.
September: Pompey earn their first win in League One. Former Watford owner Laurence Bassini submits formal offer for the club. Former owner Sulaiman Al Fahim also confirms interest.
October: The PST is named 'preferred bidder' for the club. Appleton is linked to jobs at Burnley and Bolton.
November: Appleton leaves Portsmouth for Blackpool shortly before his one-year anniversary.
December: A High Court hearing to determine the future of Pompey and force the sale of Fratton Park is adjourned.
Jan 2013: Staff are forced to take a further pay cut while the Football League confirms the club will face a 10-point penalty when they exit administration. The latest court case is adjourned.
February: Keith Harris makes a late bid for the club but his offer for Pompey is rejected by the Football League.
March: A court date is announced to force the sale of Fratton Park.
April: Administrators of the club reach an out-of-court settlement with Portpin.