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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...

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The Journalist

Writer: pompeyrug Mail feedback, articles or suggestions

Date:Monday June 25 2012

Time: 2:34PM

Your Comments

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
Happy birthday Dave
russellm
Just need the players to take a reasonable point of view.
russellm
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
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
 

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