Vital Football

A step closer towards leaving admin

A step closer towards leaving admin

The CVA proposal put to creditors was today accepted, meaning Portsmouth Football Club has taken a 'significant step closer towards leaving administration' once again.

A takeover from The PST is still very much on as well with a 'modification to the proposals' that would enable their bid, and others, to be considered.

The Pompey Site has issued the following statement...

Portsmouth Football Club Statement

The creditors of Portsmouth Football Club (2010) Ltd have approved a Company Voluntary Arrangement (CVA) on the basis of an offer from Portpin, but also unanimously agreed a modification to the proposals that will allow PKF, the administrator, to consider offers from potential bidders such as the Pompey Supporters' Trust.

Trevor Birch, a partner at PKF accountants & business advisers and joint administrator of Portsmouth Football Club, said: "Today's decision is another important milestone for Portsmouth and takes the club a significant step closer towards leaving administration.

"We are beginning to see light at the end of what has, at times, been a very long and dark tunnel. This is, however, still dependent on restructuring the player cost base, which is a condition of both the existing offers.

"As well as securing approval of the CVA, we have also agreed modifications that will enable us to enter negotiations with other interested parties.

"As a result, we plan to meet with the Pompey Supporters' Trust, which submitted an indicative offer for the club last Friday, in the next few days in order to discuss its bid.

"The shareholders have also approved the CVA.

"My PKF colleagues and I would like to thank the creditors, not only for their support today but also for their patience and understanding during the last few months.

"Portsmouth Football Club needs stability - it is the least that fans, players and staff deserve after their unwavering support in very difficult circumstances.

"There are still plenty of obstacles, and much work to do, but the approval of the CVA and the modification to the proposals means that progress is being made towards achieving this objective."


So a CVA acceptance is there, who the next owners will be is still up in the air though but it seems that as long as the proposal put together by The PST can hold water this takeover bid may well prove successful?

There is still plenty to be done to secure the future of Pompey, as was pointed out in the statement, but we have at least taken a positive step towards this...

PLAY UP POMPEY!

Join the Vital Pompey Debate

Vital Pompey on: facebook Vital Pompey on: twitter

Join the Vital Pompey Forum Debate



Click here to join in the debate on the club forum.

Writer:pompeyrug
Date:Monday June 25 2012
Time: 2:34PM

Comments

0
What a birthday present for me!! This is really the best of both world witha CVA there will be no points deduction and the Trust option is still very much on board. All we need now is the players to agree to move on and settle at reasonable amounts and 2012/13 will be able to start with hope for the future.
eastneydave
25/06/2012 16:11:00
0
Happy birthday Dave
russellm
25/06/2012 18:06:00
0
Just need the players to take a reasonable point of view.
russellm
25/06/2012 18:07:00
0
They should do, after all, they failed to keep us in the championship so haven't got a lot to shout about. It's a shame liquidation is the only sure way of getting rid of them.
Et_tu_Pompeii
25/06/2012 19:18:00
0
My take on this is that everything is still very uncertain . . And today TB is saying that we may still get a points deduction even with a CVA agreed. Wasn't it just a couple of weeks ago he told us that we definitely WOULD NOT get a points deduction? Is TB starting to play around with the truth now?
tracyc
26/06/2012 18:41:00
Page 1/1
  1. 1

Login to post a comment

Recent Portsmouth Articles

On this day in history...3rd December

A look back at this day in history, and what was happening with Pompey courtesy of our sister site PompeyRama, 3rd December.

Evans - Right back or right midfield?

Drew Talbot and Adam Buxton are fit but Gareth Evans continues to fill in at right back. Should this change? If so where would it leave the battle between Evans and Carl Baker?

500,000+ Season Tickets Sold In 2016/17

More than 500,000 Season Tickets were sold in the Football League pyramid for the 2016/17 season.

On this day in history...2nd December

A look back at this day in history, and what was happening with Pompey courtesy of our sister site PompeyRama, 2nd December.

Archived Vital Pompey Articles

Vital Pompey articles from

Site Journalists

pompeyrug
Editor email
Profile
eastneydave
Editor email
Profile
paultsmouth
no email
Profile

Current Poll (see more polls)

Change at right back? If so where would this leave Evans?
Suggested By: pompeyrug
Keep Evans at RB18%
Drop Evans. Talbot or Buxton at RB66%
Drop Baker. Evans at RM0%
Keep Barker in RM. Leave out Evans completely0%
Cookie knows best (?) In him we trust16%
ScoopDragon Publishing Entire League Network of Sites

League Table

# Team P W D L Pts. GD
1 Carlisle 19 10 8 1 38 14
2 Plymouth 19 12 2 5 38 8
3 Doncaster 18 11 3 4 36 13
4 Portsmouth 19 9 4 6 31 12
5 Luton 19 8 7 4 31 10
6 Wycombe 19 8 4 7 28 1
7 Blackpool 19 7 6 6 27 11
8 Barnet 19 6 9 4 27 0
9 Grimsby 19 7 5 7 26 2
10 Crewe 19 6 8 5 26 -3
11 Cambridge 19 7 4 8 25 -2
12 Mansfield 19 6 7 6 25 -4
13 Yeovil 18 7 4 7 25 -4
14 Stevenage 17 7 3 7 24 0
15 Colchester 19 6 5 8 23 1
16 Crawley 18 6 5 7 23 -6
17 Morecambe 19 7 2 10 23 -13
18 Hartlepool 19 5 7 7 22 -4
19 Notts County 19 6 4 9 22 -8
20 Accrington 19 5 6 8 21 -5
21 Exeter 19 6 2 11 20 -5
22 Leyton Orient 19 5 3 11 18 -5
23 Cheltenham 19 3 9 7 18 -8
24 Newport 18 4 5 9 17 -5
Vital Football Comment
Latest F1 News
Latest Vital Boxing News
Write for Vital Football

Recent Portsmouth Results (view all)

Portsmouth Fixtures (view all)

Dec 10 2016 3:00PM : Grimsby Town (a)
Sky Bet League Two
Dec 17 2016 3:00PM : Hartlepool United (H)
Sky Bet League Two
Dec 26 2016 3:00PM : Newport County (a)
Sky Bet League Two
Dec 31 2016 3:00PM : Yeovil Town (a)
Sky Bet League Two
Jan 2 2017 3:00PM : Luton Town (H)
Sky Bet League Two
Jan 5 2017 7:45PM : Doncaster Rovers (a)
Sky Bet League Two

Vital Members League Table

RankNamePoints
1.eastneydave3
2.storagematt2
3.Copnor432
4.PompeyFrippy1
5.Dorking Pompey1
The Vital Football Members League