Out of Admin - 28 Days and Counting
I can't put a lot of comment up but just so we have something and somewhere to discuss the issue of the day
Pompey are heading out of adminstration.
News is just reaching us at Vital Towers that Pompey`s creditors this morning voted to accept the Company Voluntary Agreement (CVA). This means those owed money by the club will receive a minimum of 20p in the pound and opens the door for the club to exit Administration.
The News report that 81.3 per cent voted in favour of the deal, with 18.63 per cent against and 0.07 per cent abstaining. Most Creditors voted by proxy with only a small number present at the meeting.
The decision now has to be ratified by the courts after a twenty eight day cooling off period when objections can be raised. Certainly it seems the HMRC will be one creditor who will object to the decision.
HMRC who had initially started the winding up process some six months ago claimed then they were raised in the region of £17m but had recently raised that figure to £37m, an amount that had been questioned by Joint Administrator Andrew Andronikou. That claim has now been reduced to £24m according to Andronikou.
Pompey Chief Executive David Lampitt told the Clubs official site "This is a hugely significant day for the club - I`m very pleased the vote has gone through.
"The deal reached between the administrators and the creditors provides us with the first step towards the rebuilding of the club.
"One of my tasks is to bring stability to the club so that it has a long-term future. This should make it a more attractive proposition for new investment. I believe this has to the best way to bring long-term success."
With the CVA agreed expect an announcement shortly on the appointment of Steve Cotterill as our new manager. Hopefully too we will see the transfer embargo lifted and the possibility of any further points deduction disappear over the horizon.
We welcome the news of the CVA approval but there may still be rough waters ahead!