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  1. #1
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    chassamui's Avatar
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    Great News for Pompey Fans and others in trouble.

    29 September 2014 Last updated at 10:32


    Portsmouth now debt-free following Supporters Trust takeover


    Portsmouth have announced they have now cleared all debts following the club's exit from administration in April 2013.
    The Pompey Supporters Trust has been in charge since striking a deal with former owner Balram Chainrai.
    A club statement said they could now look "forwards not backwards, while still recognising that the rebuilding process will continue to be a difficult task in the years ahead".
    Portsmouth have been in administration twice in the past five years.
    The club came close to liquidation in 2013 before the Trust came together to take over.
    Some 2,368 shareholders have between them raised about 2.5m through individual pledges of 1,000.
    The PST owns just under 51% of the club, with a group of 13 presidents making up the remaining share.
    Those presidents include Portsmouth chairman Iain McInnes and property developer Stuart Robinson.
    Robinson himself owns land surrounding Fratton Park and plans have been approved for a supermarket behind the ground, a project that will finally mean the site is redeveloped and transformed.
    Portsmouth's presidents have also injected 500,000 to help with ground improvements, which will take potential attendance to around 20,000.
    "Everybody at the club has worked hard in reorganising our operations during the past 18 months and the legacy debts were a significant liability hanging over this ongoing process," the statement said.
    "We would like to thank all staff, supporters, directors and the PFA for their assistance in enabling this to be achieved well ahead of schedule."
    A new training ground is due to open before the end of the year and the club statement added that it was part of a process of "putting in place foundations to enable the sustainable growth of all aspects of the club".
    Portsmouth are eighth in League Two as they look to begin the process of climbing back up through the divisions, having been in the Premier League as recently as 2010.
    Heart of Gold and a Knob of butter.

  2. #2
    Lord of Swine
    Necron99's Avatar
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    I went to see Pompey Southampton at Fratton park in the "away section"
    What a dump, felt like an inmate.

  3. #3
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    I went there when there were weeds growing out of the open terracing.

    Still, good news for them and something Rangers should try.

  4. #4
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    I'm chuffed for the genuine fans who have followed them regardless of their ups and downs and going through administration twice.

    Quote Originally Posted by harrybarracuda
    I went there when there were weeds growing out of the open terracing.
    Went with a workmate who was a Wrexham fan in 1976. Same deal.

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