Portsmouth FC Risk Liquidation
Trevor Birch, Portsmouth FC’s administrator, has warned that the club faces the risk of liquidation as the matter is taken to the Royal Courts of Justice.
The club is in £61m of debt and owes former owner Balram Chainrai, who holds Fratton Park as a security, £12m. The Pompey Supporters’ Trust (PST) has been chosen by administrators as the preferred bidder to take over the club. The case will now be heard at the Royal Courts of Justice, with a verdict expected at the end of the week.
Birch commented: ‘Liquidation is a real possibility if the PST is unable to complete its bid. The purpose of the hearing is to ask the Court to give the administrators permission to sell Fratton Park, which is currently subject to a mortgage in favour of Portpin. If the Court agrees with the value that the PST has placed on the property, then a sale of the club to the PST can proceed very quickly.’
Birch added: ‘It is impossible at this stage to predict what will happen if we lose because there are so many variables.’
Chainrai has previously refused to sell the stadium and has described the PST’s bid as having ‘no substance.
