Portsmouth exit administration after fans take over at Fratton Park
Friday 19 April 2013
Portsmouth have moved out of administration and are now officially owned by the Pompey Supporters' Trust (PST), administrators BDO confirmed on Friday.
The purchase, confirmed in a statement, formally ends the Fratton Park side's 14-month stay in administration.
The 2008 FA Cup winners saw their relegation to npower League Two confirmed on Tuesday, but the fan takeover will spark renewed optimism around the club.
Trevor Birch, joint administrator of Portsmouth Football Club (2010) Ltd and partner at BDO, said: "We have cleared the final hurdle: all of the paperwork has now been signed and the sale concluded.
"It has taken more than 14 months of hard work from all concerned to get here and there were many times over that period when I didn't think we would make it; but we have, and Portsmouth Football Club can once again look forward to the future with optimism.
"The PST has shown what can be achieved when fans unite together for the good of their community. The club has been through considerable turmoil over the last few years, and I hope it can now enjoy a period of stability and the chance to build solid foundations for a sustainable future based on hard work and honest endeavour."
Ashley Brown, Chairman of the Pompey Supporters' Trust, said: "What a momentous day. Once again Pompey fans have shown why they are some of the best in the land, we now have a club owned by people who truly love it, its fans. That's how football is supposed to be."
Iain McInnes, chairman of Portsmouth Community Football Club, added: "It has been a very difficult journey to get to this point but in the end we have achieved the right result.
"Now is the time for Pompey fans to get behind the club and we are looking forward to celebrating becoming a community club at Fratton Park this Saturday afternoon."
The Football League must now decide when to deduct the club 10 points for officially exiting administration.
Latest in Sport
Mario Balotelli to Liverpool: Best memes as Twitter reacts to imminent £16m transfer
Manchester United transfer news: Louis van Gaal joins Arsenal and Chelsea in the race for Sami Khedira
Mario Balotelli takes 50 per cent pay cut to join Liverpool as Samuel as Eto’o waits in the wings if deal falls through
Crystal Palace next manager latest: Palace consider Ally McCoist - EXCLUSIVE
Click here for the full story." title="When a youngster asked for an autograph outside Manchester City's training ground, Balotelli demanded to know why the boy was playing truant. After the child revealed he was being bullied, Balotelli drove the boy and his mother to the school in question so he could tackle the bully himself. He demanded to see the headmaster to make him aware of the issue and then mediated between the two boys to resolve the problem. A source said: 'Mario feels strongly about bullying.' Click here for the full story." width="88" height="52" />Mario Balotelli: The funniest stories
- 1 'Alien thigh bone' on Mars: Excitement from alien hunters at 'evidence' of extraterrestrial life
- 2 Mother fed her daughter tapeworms to make her skinny for pageant
- 3 Crystal Palace next manager latest: Palace consider Ally McCoist - EXCLUSIVE
- 4 Richard Dawkins on babies with Down Syndrome: 'Abort it and try again – it would be immoral to bring it into the world'
- 5 ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
Richard Dawkins on babies with Down Syndrome: 'Abort it and try again – it would be immoral to bring it into the world'
Scottish independence: English people overwhelmingly want Scotland to stay in the UK
Isis threat: Cameron wants an alliance with Iran
Michael Brown shooting: Chaos erupts on the streets of Ferguson after autopsy shows teenager was shot six times – twice in the head
Bin bag full of cats' heads discovered near Manchester's Curry Mile
Disgusting, frustrating, but intriguing: how the country really feels about its politicians