Reports are appearing on social media that Pompey Supporters’ Trust (PST) have agreed a deal in principle to buy Fratton Park from Balram Chainrai have now been confirmed by the BBC. It is thought that the out of court settlement involves the payment of £3m plus add ons to Chainrai’s Portpin Group.
A £10m debt to former players will be covered with a £9m parachute payment from the Premier League. Ordinary creditors such as local businesses will receive 2p in the pound.
Reports are appearing on social media that Pompey Supporters’ Trust (PST) have agreed a deal in principle to buy Fratton Park from Balram Chainrai have now been confirmed by the BBC. It is thought that the out of court settlement involves the payment of £3m plus add ons to Chainrai’s Portpin Group.
A £10m debt to former players will be covered with a £9m parachute payment from the Premier League. Ordinary creditors such as local businesses will receive 2p in the pound.
It means that Portsmouth will be run next season as a community club, albeit almost certainly in League 2 as a further ten point deduction will apply. However, making use of their dedicated supporter base, this will provide the chance to re-build the club on a sound footing and challenge for promotion.
This will be an important experiment for football as a whole as no club of that size has been run on that basis up to now. There will undoubtedbly be some challenges, but important lessons can be learnt in terms of how they are overcome.
The settlement reached represents a defeat for deal makers such as Keith Harris, the stockbroker whose £6.3m bid to buy Fratton Park on behalf of a Malyasia-based investor almost derailed the PST plan.