Portsmouth Football Club released this worrying statement this morning following rumours that Pompey were days away from having to be liquidated….
The administrators of Portsmouth Football Club (2010) Ltd confirmed that the club is likely to have no alternative but to close on August 10 unless the remaining senior first team players agree to transfers and/or sign wage compromise deals.
Trevor Birch, a partner at PKF and joint administrator of Portsmouth Football Club, said: “The facts are straightforward: under the terms of the offer for the club, in order to complete the CVA proposal, the players have to leave and conclude compromise settlements.
“This condition has been imposed by the Pompey Supporters’ Trust as well as by Portpin – both interested parties have made it clear that they won’t take on the club unless there is movement by the players.
“We will continue to do all we can to facilitate these deals but the club’s future hinges on the willingness of certain players and their agents to sign up to compromise agreements that are affordable both in terms of the amount and timing of repayments.
“Unless we make significant progress on this front by August 10, then we are likely to have no option other than to close the club.
“We are making good progress with three or four players but despite many conversations and offers over the past few weeks, some players and agents still don’t understand what’s at stake here.
“If the club is liquidated, players will not be protected by the Football Creditor provisions. They will become ordinary unsecured creditors in a situation where there is unlikely to be any dividend.”
This is a very very worrying time. Many have already pledged to the Community Share in order assist to buy the club, but along with Balram Chainrai’s takeover offer it cannot proceed any further until the current players left at the club have been moved on and the debt owed to those players has been significantly reduced.
The remaining players are Tal Ben-Haim, Erik Huseklepp, Dave Kitson, David Norris, Greg Halford and Liam Lawrence, although it is expected that Norris is expected to join Sheffield Wednesday as early as today.