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29 Sep 2014
Portsmouth FC clears all debts following Supporters Trust takeover
By Chris Dodd
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The club has now declared itself debt-free
Photo: Mark Freeman
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Portsmouth FC has announced that it has now cleared all debts following the club's exit from administration in April 2013.
The resurgence has been led by majority owners The Pompey Supporters Trust (PST), which took charge after a tumultuous period in Portsmouth's financial history.
The club has been sent into administration two times in the past five years, with the PST rescuing Pompey from liquidation in 2013.
The Trust has control of just under 51 per cent of the club, with the other percentage owned by a group of 13 differing presidents.
To help clear the debts, over 2,300 shareholders sought to raise £2.5m (US$4m, €3.1m) between themselves through individual pledges of £1,000 (US$1,622, €1,279).
“Everybody at the club has worked hard in reorganising our operations during the past 18 months and the legacy debts were a significant liability hanging over this ongoing process,” read a statement on the club’s website.
“We would like to thank all staff, supporters, directors and the PFA for their assistance in enabling this to be achieved well ahead of schedule.
“PCFC can now fully focus its efforts on looking forwards instead of backwards, while still recognising that the rebuilding process will continue to be a difficult task in the years ahead.
“Our imminent move to a new training ground is a fundamental part of this work in putting in place foundations to enable the sustainable growth of all aspects of the club.” |
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