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Creditors accept Pompey CVA
17 Jun 2010 - 12:57:00
Portsmouth have moved a step closer to coming out of administration after creditors voted in favour of accepting the terms of a Company Voluntary Agreement (CVA).
Pompey, who will play in the Championship next season following relegation from the Premier League, will pay their credits a minimum of 20 pence in the pound after 81 per cent of them voted in favour of the CVA.
The south coast went into administration back in February after a turbulent season where four different owners were in charge at Fratton Park.
"This is a hugely significant day for the club - I'm very pleased the vote has gone through," chief executive David Lampitt told the club's official website.
"The deal reached between the administrators and the creditors provides us with the first step towards the rebuilding of the club.
"One of my tasks is to bring stability to the club so that it has a long-term future. This should make it a more attractive proposition for new investment.
"I believe this has to the best way to bring long-term success."