Pompey Council Back Bid To Save Club

Portsmouth City Councillors met with the Pompey Supporters’ Trust (PST) on Thursday and unanimously agreed a £1.45m loan to the Trust in support of their bid to save Portsmouth FC.

The PST released details of a bid to buy Portsmouth FC last week, revealing they would require a bridging loan from the council to buy Fratton Park. This loan, now secured from the council, will be paid back in full – with interest – through Premier League parachute payments in the 2013/14 season.

The Trust’s core aim is to keep Portsmouth FC in existence as a club run by the fans, for the fans. 

Fans can still back the bid by joining the share scheme by visiting www.communitypompey.co.uk.  

The PST reportedly looks to run the club in a transparent and honest fashion, therefore the bid is available to read at www.pompeytrust.com along with a frequently asked questions sections. 

Colin Farmery, PST Spokesperson, said: ‘We are pleased Portsmouth City Council decisively agreed to loaning £1.45m to the Trust, supporting our bid to buy Portsmouth FC. The council’s unanimous decision shows great faith in the Trust’s ability to bring sound financial management to the club.’

‘We are now confident that we have a robust and credible bid to buy the club, and look forward to discussing the next steps with Trevor Birch.  Most importantly, this decision by the council means we are now in a position to do what is required to ensure the club does not go into liquidation.’

A decision will be made by Trevor Birch on the fate of the club on Friday.