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Original Report dated November 21, 2012
THE valuation of Fratton Park will be decided at the High Court in London on December 13 and 14, Pompey administrators PKF have confirmed.
It is the last remaining hurdle facing the Pompey Supporters’ Trust, which values the ground at £2.75m. Portpin, which has a charge over Fratton Park, values it at around £11m.
Pompey administrator Trevor Birch said: ‘We can confirm that the hearing to determine the proposed sale of Fratton Park has been scheduled for 13 and 14 December in the High Court in London.
‘This hearing is critical in deciding the future of Portsmouth Football Club: if the Court agrees with the sale value of Fratton Park, we can sell the club as a going concern to the trust; if we lose, liquidation will become the most likely option.
‘This court case is the culmination of months of hard work behind the scenes in trying to resolve the complex issues which this administration has posed.
‘We will continue to work closely with the trust to finalise our case.’
Ashley Brown, chairman of the Pompey Supporters’ Trust. welcomed the announcement of the hearing date.
‘It is a relief to know we will have some certainty sooner rather than later,’ he said.y. ‘Our understanding is the matter will be resolved at this hearing as there is unlikely to be any grounds for any appeal.
‘If all goes according to plan, and our legal advisors say we have a strong case, we will take control of Portsmouth FC shortly afterwards and the process of rebuilding our club can begin.
‘That is why we are urging fans to fulfil their pledges or purchase shares by that date. The more working capital we can raise quickly, the more control we will have over the situation and the quicker we can get going with our plans.
‘We are very encouraged by the initial response to the share offer. There is a steady stream of pledges and new purchases of shares arriving hourly; so many that we haven’t been able to count them yet.
‘However fans can’t relax. This share offer needs to be a success or else there is a significant chance the club will be liquidated. There is no alternative offer on the table, so we have to make this work,’ he added.
Fans can find out how to buy a share or convert their pledge by visiting www.communitypompey.co.uk. The Trust says that all fans who pledged will be receiving a personal copy of the prospectus in the next few days.