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Mark H
Portsmouth told they will lose membership if Supporters Trust's bid to buy club fails - http://www1.skysports.com/footbal...
Portsmouth told they will lose membership if Supporters Trust's bid to buy club fails
"Portsmouth have been warned by the Football League that they will lose their membership if the Pompey Supporters Trust's bid to buy the club fails. On Thursday afternoon, the club's administrators, PKF, said they had received a new offer to purchase the troubled club from former Football League chairman Keith Harris to rival the PST bid. The new consortium, fronted by Harris, investment banker Pascal Najadi and professional investor Alan Hitchins, said it was willing to offer the PST "a stakeholding and participation" if its bid was successful." - Mark H from Bookmarklet
"Despite the football financier wanting the fans' group to be involved in the proposed takeover, the Football League released a statement stating it will not consider any new offers after holding a meeting in London to discuss the plight of the south-coast club. The statement read: "The League had previously been informed by PKF that its preferred bid for the club was from the Pompey Supporters Trust (PST) and all parties have been focused on a successful transfer of share to that consortium."Given that the Football League's Insolvency Policy prohibits a club from beginning two consecutive seasons in administration, the board took the view that any change of preferred bidder at such a late stage would only create further uncertainty and was not in the wider interests of the League and its member clubs. "Therefore, the League has informed the administrator that it will not currently consider transferring the club's share in The Football League to a new bidder. This means that in the event that the PST bid does not succeed and Portsmouth do not exit administration before the end of the current playing season, the club will lose its membership of The Football League."" - Mark H
As a Pompey fan this is actually good news. The new consortium are nothing but a distraction to getting the club sold (and they've got some horrible connections to the previous owners which makes people nervous that their only intention is to gut the club for whatever money they can get) so the directive from the league that there will effectively be nothing for anyone unless the supporters take control is great to hear. - Mark H
I hope the outcome is good for Pompey! - Eivind