Looking like survival, for now anyway
It looks as though Pompey will make it through the season, this season anyway.
The following statement was issued on The Pompey Site this evening...
Football League Agrees To Release Funds
Trevor Birch, PKF partner and joint administrator at Portsmouth Football Club, released the following statement over discussions with The Football League.
"I am pleased to confirm that there have been some positive developments at Portsmouth Football Club over the last few days. I have held constructive talks with The Football League, who have been incredibly supportive.
"The League will now resume payment of the club's 'Basic Award' monies, which are normally paid on a monthly basis to all Football League clubs. For clubs in the Championship, they amount to around £200,000 a month.
'The League has confirmed that we will receive the four outstanding payments for the current season as and when they fall due, subject to any outstanding balances owed to other clubs. This money will go a long way towards plugging the club`s financial gap and allowing us to complete the season.
'This is clearly a very positive step but I wish to emphasise that we are not out of the woods yet. The additional money buys us more time but it does not solve the club's problems and it does not guarantee the club's survival.
'But thanks to this and other initiatives currently being considered by the joint administrators, which may include further player loans, we should be able to get to the end of the season. PKF's overarching objective is to find a buyer before the money runs out.
"Portsmouth Football Club needs the continued support of the local community if it is to remain in business for the long term. From what I`ve seen over the past few weeks, I know that the fans, staff and players will give it their all.
"I am grateful to The Football League for their efforts in what has undoubtedly been a difficult situation for them. I would also like to thank the PFA, who have been playing an important role behind the scenes throughout the administration process.
"There is still much to do but I am working hard to achieve a successful conclusion for the club."
A Football League spokesman said: "As in all insolvency situations, The Football League is focused on the ultimate survival of the club for its supporters and the wider community. We will now continue working with the administrator to achieve a successful re-structuring of the club."
Nick Cusack, PFA senior executive, said: "The PFA has been working constructively with the joint administrators and has been liaising with The Football League and the Premier League to try to ensure that Portsmouth gets through this very difficult period and emerges as a stronger and more viable football club.
'The players have played their part in accepting deferrals on their wages and have recently gone eight weeks without receiving any pay at all. In that time, the players have shown great commitment to the club and the supporters, and will continue to give their all in order to get Portsmouth back on its feet and stable once more.
This is of course, hopefully, good news as we look 'likely' to at least see the season out.
Of course the football league are helping us as it prevents them having to mop up the chaos left behind if we fail to finish the season but it also buys us 'a little' more time to try and get ownership issues sorted out...
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