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Bid from PST made!

I would suspect that most have now seen, if not heard, that The PST have tabled their bid to buy Portsmouth Football Club.

Such a bid was, apparently, unlikely to come before the creditors meeting on Monday but today this has come!

The following statement was issued on The Trust website today...

POMPEY SUPPORTERS' TRUST BID FOR PORTSMOUTH FOOTBALL CLUB

Today (Friday 22nd June 2012) the Pompey Supporters Trust have submitted a bid to purchase Portsmouth Football Club to PKF, the administrators of PFC.

Rosemary Penn-Newman, partner in BTG Corporate Finance part of the Begbies Traynor Group commented "We have today submitted a bid on behalf of the Pompey Supporters Trust for the acquisition of Portsmouth Football Club. The Trust has been working on putting this bid together for some time but we feel that we now have an offer that deserves serious consideration. We are unable to disclose the contents of the bid which has been submitted to Trevor Birch, one of the administrators. There is a creditors meeting scheduled for Monday 25th June when any bids for the Club will be reviewed. Whichever bidder ends up in the driving seat there will still be lot of work to do to ensure a successful completion, the most important of which is continuing the on-going negotiations with the creditors."

Ashley Brown, Chair of the PST and leader of the bid team, said "In recent years the community as a whole has become disenfranchised from Portsmouth FC. Huge amounts of money came into the football club and disappeared into the pockets of a few, whilst local businesses remained unpaid. Whilst today's proposal from the PST cannot right all those wrongs, we do believe we offer the best future for the club and community. If we are given the opportunity by the creditors to take over PFC we aim to bring an end to the severe financial mismanagement of recent years and ensure it never happens again."

The PST Board would like to thank the teams at Verisona, Begbies Traynor and Taylor Cocks who have helped us over the past few months and also the many, many Pompey Fans that have kept the faith and pledged so far. Submitting a bid is the first step - and in important one in itself. We now want the bid to succeed and become a milestone not just for Pompey, but for fan and community involvement in football clubs.


So, what do we think guys could this really be the time when us fans really do get our club back?

PLAY UP POMPEY!

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The Journalist

Writer: pompeyrug Mail feedback, articles or suggestions

Date:Friday June 22 2012

Time: 7:49PM

Your Comments

to your question will it win, No
jimsmithswig
If their bid is accepted, i don't know how they're going to fund tranfers and other important things but good luck to them.
PompeyFcMad
La la Land
penton
last thing I want is bunch of pompey fans running the club on a breakeven basis, investing in infrastructure and the long term future of the club. An area of 400k people with only one club in it, the ninth biggest in the country , how do they expect to make a good go of it! Clearly smacks of naivity and unprofessionalism. Id much rather a foreign owner who has put us in admin twice, 'robbed' the taxman and local businesses, hiked up season tickets and sold off players to take money out of the club. That will be a lot better for the future stability and growth of the club, right penton?!
pompeyweller
You think what you like weller and i'll do the same. I don't think it will work, you do. Difference of opinion.
penton
Ps. weller, I don't want either if you must know...
penton
Penton, I think we can make it work and want to try, I am not convinced it will be easy but with a bit of hard work commitment and solidarity it could be the best thing that ever happened to the club. Whats your alternative?
pompeyweller
I have not kept my finger on the pulse so I don't really know how the PST bid would deal with the huge debts, money claimed by Chanrai, in fact the whole infrastructure. If both bids were, 'goers', and equally sound I would obviously want the PST to succeed BUT all I want is a sound, well managed, stabily financed Pompey. Whichever one delivers that is my choice.
Et_tu_Pompeii
if the PST wins then running the club and breaking even and having a future won't be easy, of course it won't and it may not even work, but at least they would have given it a try. But it has to be a better option than more of the same old same old which is no more likely to deliver stability and a future to the club. Will the PST bid win? Probably unlikely given Portpin's financial hold over PFC . . but here's hoping.
tracyc
I hope so too, because if it wins it means it was best for the club. Best is a subjective term, of course, and BEST depends on self interest of powerful/wealthy individuals as much as anything we might want.
Et_tu_Pompeii
I'm the same as russelm... I can't pledge/invest any money until I see a clear plan. I'm assuming a plan is in place now which would have been submitted to the administrator. My opinion is that I'm nervous about all the bids - pompey have been in the crapper for a while now and like the property market is going to take a good decade to get back to normal (and that's if everything goes to plan). What's the best bid? I don't know. But as already stated, how will the PST consortium be able to deal with running costs and plan purchases/pay wages etc?
pompey--pessimist
Details , need to see the details ; that'll be where the devil is hiding. As ive said before the trust personalities were hell bent on having the club fail and restarting on the so called plan b before and I dont see that those personalities have changed ; but let's see. Need to know what funding they have, what facility they have, how they desk with the now not disputed ( by anyone sensible) charge, how they see financial income, how they plan to finance the stadium maintenance; police costs, travel costs, transfer budgets did I mention CVA ? And whose going to be responsible for doing it and what experience do they have?
russellm
russellm, anyone with a bit of common sense and a GCSE in maths will do a better job than any of the past lot... transfers will suffer whoever is in charge, BC will not fund anything just take money out and then only if the high earners are gone. Unless someone else turns up the Trust must be the best thing for the club in the short and long term I am interested in seeing the plan and there is bound to be things in there that we do not all agree with or pick holes in but I'll wager it stacks up to BC's.
pompeyweller
PST will have the club's interest in mind, BC wants to fund his debt repayments. Surely the PST is the better option or is plan B with no debt & a fresh start the better long term view.
Ihatemidweektvgames
 

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