Trust To Buy Portsmouth Football Club
Finally, a deal for Fratton Park has been done.
The deal for the Portsmouth Supporters' Trust to buy Portpin's charge over Fratton Park has been signed off by the judge, allowing the Trust to buy Portsmouth Football Club.
Portpin and BDO (formerly PKF) agreed a deal for the charge in court today to finally put an end on this saga which never looked like ending.
Pompey fans held their breath when the judge (a Hull City fan) asked Keith Harris if he had the money to buy the club and if he had sufficient evidence that the Football League would accept his bid.
The judge decided that a bank statement was not enough evidence and a further delay was caused by a power cut before a Tomlin order was signed to complete the deal.
The deal to purchase the club will be confirmed soon, along with the ten point penalty that comes with it. However, the vast majority of fans will not care about that right now after Portsmouth FC becomes the biggest fan-owned club in the country.
Soon-to-be chairman Iain McInnes has since been on Sky Sports News and stated that the club has no debt and has a decent starting capital. He also mentioned that "the opposition" had been helpful in getting the deal done today and hopefully this will be the end of this gruelling saga.
Personally, being the sceptic I am, I didn't believe that a Trust takeover was realistically possible at first but soon started believing it was going to happen last year and it is a testament to everyone who has worked ridiculously hard to make this happen that this has been able to happen.
Whilst there may be some issues regarding Trust ownership this situation is far, far better than the alternatives of Pompey being owned by a Portpin puppet or even liquidation itself.
Finally, this horrid saga looks to have come to an end. Whilst the cynic in me still believes this isn't the last we've heard of Balram Chainrai, this is the start of a new beginning for Portsmouth Football Club.
Now, the real hard work begins!
Source: Fratton Faithful
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