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Pompey Supporters Trust statement

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Wednesday November 7, 2012 9:00 AM - 9:00 AM
Fratton Park, Portsmouth, England  (map)

The Pompey Supporters' Trust deal to buy Portsmouth Football Club remains firmly on track.

It is now three weeks since the Trust was given 'preferred bidder' status by administrator PKF, but although little has emerged about the process since, PST spokesperson Colin Farmery has assured fans things are progressing smoothly.

'It has been a very busy time for us all as there has been a huge amount of work going on behind the scenes towards concluding the deal,' he said.

'The delicate nature of the negotiations should not be underestimated, which has required detailed scrutiny from our legal and accountancy teams.

'We will be asking fans to commit their money to the biggest share offer ever of its type and as a result we recognise we need to ensure the deal is as water-tight as possible, not only for investors but also for the long-term future of the club

'We are now in the final stages of negotiating a deal which has never been done before, which obviously takes time as it is a "first".

'We'd like to give our thanks to everyone for their support and patience. It has been a tough few weeks for the football club on the pitch, so we are hoping for some very good news off the pitch shortly.'

Farmery explained some of the work which had been taking place, including the finalising of both the shareholders' agreement and the share prospectus.

'These two documents are vitally important, as they lay out the terms of our offer and the relationships between all the stakeholders in them. We have been working closely with Supporters' Direct on drafting them.

'As negotiations have progressed the contents have inevitably changed, but we feel we are now very close to having a final draft ready for distribution.

'We look forward to being able to put forward our proposals in the very near future and we are all frustrated by the fact we haven't been able to say much publicly lately.

'As a Trust we are very conscious of the fact we need to be as transparent as possible, especially after all that has gone on at our club in recent years,' he added.

The Trust aims to create the biggest community club in Britain, backed by around 2000 fans who have pledged almost £2m, partnering with a number of individual investors.

For more details on how you can be part of the bid visit www.communitypompey.co.uk

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