Last hope for Portsmouth bid

Portsmouth have been warned by the Football League that they will lose their membership if the Pompey Supporters Trust's bid to buy the club fails.

Last Updated: 08/02/13 at 06:32 Post Comment

Portsmouth continue to face an agonising battle to survive

Portsmouth continue to face an agonising battle to survive

On Thursday afternoon, the club's administrators, PKF, said they had received a new offer to purchase the troubled club from former Football League chairman Keith Harris to rival the PST bid.

The new consortium, fronted by Harris, investment banker Pascal Najadi and professional investor Alan Hitchins, said it was willing to offer the PST "a stakeholding and participation" if its bid was successful.

Despite the football financier wanting the fans' group to be involved in the proposed takeover, the Football League released a statement stating it will not consider any new offers after holding a meeting in London to discuss the plight of the south-coast club.

The statement read: "The League had previously been informed by PKF that its preferred bid for the club was from the Pompey Supporters Trust (PST) and all parties have been focused on a successful transfer of share to that consortium.

"Given that the Football League's Insolvency Policy prohibits a club from beginning two consecutive seasons in administration, the board took the view

that any change of preferred bidder at such a late stage would only create further uncertainty and was not in the wider interests of the League and its member clubs.

"Therefore, the League has informed the administrator that it will not currently consider transferring the club's share in The Football League to a new bidder.

"This means that in the event that the PST bid does not succeed and Portsmouth do not exit administration before the end of the current playing season, the club will lose its membership of The Football League."

The latest development comes a week before a High Court hearing is due to determine whether the League One club can be sold to the Portsmouth Supporters' Trust.

Earlier on Thursday, Harris told Sky Sports News the "cash offer" would leave the club debt-free and include the option to purchase Fratton Park from previous owners Portpin.

He said: "There would be neither legacy debt nor debt in our financing to acquire the club. It does not require a court hearing or anything else - it's straightforward, cash on the nail to buy the club.

"There will be no ongoing involvement by any previous owners. The transaction involves, initially, the leasing of Fratton Park but we've also entered into an agreement to acquire Fratton Park.

"That is our option, and the likelihood is it would be exercised at a very early stage."

The sale of Fratton Park, held as security by Portpin, has long been the major obstacle to the PST's proposed takeover.

Named as preferred bidder last year, the PST has been unable to agree a deal for the stadium and hopes the High Court hearing - three times adjourned already and now set for 14 February - will force Portpin to lower its asking price.

But the new offer has already been deemed "worthy of consideration" by PFK, and partner Trevor Birch said: "This offer could be completed without the need for a court case.

"We will need to discuss the terms of the deal with the PFA and the Football League and also plan to consult the creditors' committee as a matter of urgency. We will provide an update as soon as we have further news."

To find out more about live football on Sky Sports, Click here

Related News

Most Commented

Readers' Comments

H

aha, as a German supporting United I can only agree with your great insight in German football! No idea why, but I HATE Eintracht Braunschweig and please don't ever place a bet on Leverkusen, they mess up my ticket every time!

utzelot
The Ten Most Hated Things In Football

M

ichael Owen's BT Sport commentary. Michael Owen's Match of the Day punditry. Michael Owen's annual moustache. Michael Owen's unwavering belief that Michael Owen could still do a job for England if called upon in the next major tournament

stevenjameshyde
The Ten Most Hated Things In Football

L

VG with Rooney up top. The 3 in MF being Blind, Herrera and Mata. Young on LW and Di Maria or Januzaj on the RW. You know it makes sense.

GVMUFC
Big Tactical Calls For Manchester Pair

Footer 365

Chelsea captain John Terry says he is fighting to earn a new contract at Stamford Bridge

John Terry says he is fighting to earn a new contract at Chelsea and does not see himself ever playing for another club.

FA planning to send men's and women's GB teams to 2016 Olympics

FA are planning to send men's and women's Great Britain teams to compete in the 2016 Olympics Games in Rio.

Tottenham announce that legend and former captain Dave Mackay has died

Tottenham have announced that their former captain Dave Mackay has died. He was 80.

Mail Box

Henderson The Best Midfielder In PL?

Jordan Henderson is named by two afternoon Mailboxers as the PL's best midfielder, while another suggests Man United are trying to emulate Barca...

Jose Settles Most Boring Team Debate...

There's lots of reaction to Chelsea and Liverpool's wins on Sunday, plus one Mailboxer asking: Who is the Premier League's best midfielder?

© 2015 Sky Ltd. All Rights Reserved A Sky Sports Digital Media company