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Articles about football clubs facing or going into administration.
PKF, the administrators of Portsmouth FC, have confirmed that they have received a new offer for the club. If the offer succeeds, it will mean the end of the attempt by Pompey Supporters’ Trust (PST) to secure control of the club. Portsmouth would have been the first former Premier League club to be run by a fans’ trust.
Swindon Town FC has been put up for sale as an alternative to administration. The debts of the football club are thought to be around £13m. £9m of this could be wiped out by going into administration for the third time in the club’s history, but the club would then suffer a points deduction, denting its hopes of promotion.
The High Court hearing on the terms on which Fratton Park should be sold has been adjourned again until 31 January. Acquiring the ground from Balram Chainrai’s company on reasonable terms is key to the plans of Portsmouth Supporters’ Trust to take over the club.
The adjournment, however, is encouraging news as it follows talks between the involved parties last week. It suggests that an out of court settlement might be possible.
Deportivo La Coruna has become the latest Spanish Primera Division club to seek assistance to avoid going out of business after announcing on Thursday that it has filed for bankruptcy protection.
The administrators of Portsmouth FC, PKF, have sought to adjourn this morning’s High Court case on the ownership of Fratton Park. The reasons why an adjournment was being sought are unclear: little progress appeared to have been made towards an out-of-court settlement. The adjournment was granted.
The Football League has given a cautious welcome to the acquistion of Portsmouth by the club’s Supporters’ Trust. However, if and when the transfer of ownership does occur, the already announced ten point deduction for entering administration will then apply.
Portsmouth Supporters’ Trust (PST) would like to settle their dispute with Balram Chainrai’s Portpin group over the control of Fratton Park out of court. The PST need to secure control of the ground to complete their takeover of the club.
However, with the court hearing due next week, there has been no contact between the two teams of lawyers and this does not bode well in terms of an out-of-court settlement.
Port Vale have exited administration after the £1.25m takeover by Paul Wildes and his business partner was completed. The historic club entered administration in March with debts of £2.69m and required help from Stoke City Council to survive.
This article reviews the saga that followed. As is often the case with football clubs in administration, there were many twists and turns, but probably even more so with Port Vale.
Portsmouth caretaker boss Guy Whittingham hopes that the ownership of the club can be sorted out by the January transfer window. Pompey are currently one point away from the relegation places in League 1.
Portsmouth Supporters’ Trust (PST) need to force Portpin, the investment vehicle for former owner Balram Chainrai, to sell Fratton Park which he is holding as security against the £18m he is owed by the club.
Portsmouth Supporters’ Trust (PST) are one step closer to taking control at Pompey. They have signed a conditional agreement with the administrators.
The agreement has to be conditional because Portpin Ltd. own Fratton Park and have rejected the offer made by PST for it. Hence, the administrator has to apply to the court for permission to buy the ground.