FOR IMMEDIATE RELEASE
Ahead of the Creditors meeting held at Fratton Park today at 11am, the Pompey Supporters Trust urged administrator Trevor Birch to allow the PST bid for Portsmouth Football Club to be presented to creditors.
PST submitted a bid to purchase the club on Friday 22nd June.
PST Chairman, Ashley Brown, commented;
" Our bid is in. It's a strong bid, and we believe it is the right bid for Portsmouth Football Club. We want the opportunity to present it to creditors so urge Trevor Birch to allow us to do this. "
PST aims to give further details of its bid, financial structure and business model to members and investors at the same time as presenting it to creditors.
Ashley Brown added;
" We are in a competitive bidding process, so we can't divulge all the financials, but we believe our bid is the best bid for the long term future and security of PFC. We also believe our offer is a fair one to all creditors, and aims to purchase the club and the ground, an offer for PFC in its entirety.
This is a fans bid. It has been put together by fans and funded by fans, It is a true community bid. It is a result of 7 months of hard work by Pompey fans who love the club and are determined to save the club from liquidation and avoid the bad ownership of recent years "
The PST bid was submitted after a full review of the club's financial situation and debt, and after undertaking due diligence. The bid aims to purchase the club and ground, agree a CVA with creditors, and then run the club on a financially sustainable basis.
The bid is conditional on a significant reduction in the wage bill. Both bidders - PST and Portpin - have stated that the current wage bill is unsustainable for a League One Club.
PST urges the administrators PFK to continue to seek speedy compromise agreements with the big earners and their agents to enable PST to proceed with its bid and offer for Portsmouth Football Club.
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For further info : Any queries and questions can be made to PST Spokesman Scott Mclachlan on email at: scott.ross.mclachlan@googlemail.com
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