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Football League meeting with Portpin

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Monday October 1, 2012 All Day
Fratton Park, Portsmouth, England  (map)

The Football League is due to meet with representatives of Portpin to discuss their prospective takeover of Portsmouth FC on Monday according to a report in The Sun. Dan King revealed in his Sport Uncovered column [click here to read it] that the company wanting to take the club on for a third time are meeting with league officials to talk about their position.

The Pompey Supporters' Trust is also looking to buy the club, currently in administration, and its lawyers have already written to the Football League asking them to consider whether a Portpin bid is even eligible under their rulebook.

The Trust argues Portpin appears to have been responsible for two insolvency events at the club, in February 2010 and February 2012, meaning it is not permitted to takeover for a third time in those circumstances.

The second administration was down to CSI, Vladimir Antonov's holding company for PFC following his acquisition of the club in June 2011, going into administration, an act which denied the club access to the funds to support its monthly losses. It was Portpin which put CSI into administration.

As well as this issue, the league also want to discuss the amount of secured debt Portpin want to keep within the club. Press reports have suggested this could be in the region of £5m and the league has already stated that it will only allow Portpin to carry forward proportion of their secured debt, which is a reported £17m.

In addition, more than 2,500 fans have signed on online petition asking the Football League not to grant a Portpin bid the 'Golden Share' required for the club to compete in the league. More details can be found here.

With the season now almost a quarter through, and the club also facing a ten point deduction when it exits administration, fans will be hoping this latest chapter in the club's ownership saga will be resolved quickly.

 

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