Date:Friday December 14 2012
So Pompey`s much awaited visit to the High Court today has been postponed. This was not due to the conditions in Court 17 but the tactics (some would say shenanigans) employed by Portpin the company with most to lose in the affair.
Mr Justice Sales, sitting in the High Court, put the hearing back until Tuesday 15 January, 2013 after an application by administrators` PKF, who said there were unspecified issues still be resolved..
Without an inside seat it is difficult to say exactly what those 'issues` are but there appear to be a few. On Wednesday night Portpin announced that they were unhappy with the current Administrator PKF and in particular Trevor Birch and wanted the court to replace them with Brendan Guilfoyle a sports specialist. Portpin believe that the club is now saleable and PKF have only been interested in the Portsmouth Supporters Trust since the Football League ruled out Portpin as future owners.
In their offer Portpin would finance the club until the end of the season to allow Guilfoyle the time to find a buyer. Guilfoyle of course is 'famous` for his handlings of Rugby League club Bradford Bulls plus the administrations of Crystal Palace, Plymouth Argyle and others.
Reports suggest the Judge made disparaging remarks towrds Portpin for thses suggestions.
There is also the issue surrounding REL Ltd the development company who were to purchase Fratton Park and lease it back to the Trust. There now appear to be doubt over that agreement and the financial stability of REL.
Meanwhile as this drags on those who make the money, the administrators, barristers, solicitors, accountants and surveyors will continue to coin it in. That of course does not apply to the Trust officers who have taken time away from their businesses and jobs and all they want to do is save OUR club.
The delay will be critical to the club. They are still in administration, all players are on monthly contracts and the January transfer window opens in eighteen days time. This will mean that clubs will able to cherry pick the decent players we have given a start to this season and Pompey would receive no compensation.
The Pompey Supporters Trust issued the following statement after the decision to adjourn -
'Although it is frustrating not to have a final outcome this week, as we had hoped, we welcome the opportunity for the administrators PKF to return to the courts between now and January and finalise our purchase of Portsmouth Football Club.
This has always been a complex deal with several component parts - including some which have been outside of our control - and every part of the bid needs to be absolutely right to be approved by the courts and the administrators. We know any delay is frustrating for fans, but we are committed to completing the purchase of Portsmouth Football Club as soon as possible.
We are extremely grateful to our supporters for their terrific support, and we continue urging our fans to pledge and be part of the biggest community club in the country. We are confident that we will be owners of Portsmouth Football Club in the next few weeks, and will continue to work on every last detail of our bid until this process is complete.`
Play up Pompey
Date:Friday December 14 2012
On this day in history...19th April (Saturday April 19 2014)
Pompey predictions league update #42 (Friday April 18 2014)
On this day in history...18th April (Friday April 18 2014)
A mini Pompey wrap (Thursday April 17 2014)
On this day in history...17th April (Thursday April 17 2014)
Toast Special - The run in (Wednesday April 16 2014)
On this day in history...16th April (Wednesday April 16 2014)
Ferry out for the season? (Tuesday April 15 2014)
On this day in history...15th April (Tuesday April 15 2014)
Confidence matters (Monday April 14 2014)
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