BDO ADMINISTRATORS have managed to save Portsmouth FC from collapse after reaching a deal with the new purchasers and secured creditor.
The administrators have managed to avert liquidation of the club which will now be sold to Pompey Supporters Trust (PST).
A court date was set for today to resolve a dispute on the valuation of the club’s grounds, which will determine whether or not PST would be able to buy Portsmouth FC out of administration.
The PST claimed the Fratton Park ground is worth about £2.75m – meanwhile, the owner of the grounds, Portpin, claimed its value is closer to the region of between £8m and £11m.
A delayed hearing began in court today, though out of court negotiations, which began earlier this month, were still taking place between the connected parties. By the afternoon a settlement had been reached which the administrator announced in court.
Portsmouth FC entered administration for the second time in two years on 17 February last year, with PKF partners Trevor Birch, Ian Gould and Bryan Jackson appointed. PKF merged with BDO earlier this year to become BDO.
Birch said: “I am pleased to announce that we have reached an agreement with Portpin and the PST, which paves the way for the PST to complete its purchase of Portsmouth Football Club.
“It is gratifying that both the PST and Portpin have worked hard to reach an agreement that safeguards the club’s future without the need for a court decision. This is the best possible solution for everyone involved.
“We will now work with PST, Portpin and the Football League to conclude the deal as quickly as possible in order to enable the new owners to begin the urgent task of rebuilding the club.
“The past year has been incredibly challenging for everyone involved with the club – fans, staff and players – and I want to thank them for their support.”
The application of robotics in finance functions is moving faster than predicted. Although, companies are cautious in how they are applying artificial intelligence to ensure results first, many are stepping up their investigations
EU competition commissioner Margrethe Vestager has defended the decision to order technology giant Apple to pay €13bn (£11bn) in back taxes to the Irish government
Carillion has announced the appointment of a new finance director as it reported a rise in first half profits and sales led by strong growth in its support services business
The UK inflation rate hit its highest level in almost two years in July, suggesting that the sharp fall in sterling following the UK referendum to leave the European Union is forcing prices up