Pinsent Masons and Walker Morris have played key roles in pushing through an out-of-court settlement that has seen Portsmouth Football Club rescued from administration by a group of its supporters. An agreement has been reached between administrators BDO and creditors Portpin ahead of a High Court dispute over the valuation of the club's Fratton Park home ground. Portpin, led by former Portsmouth FC chairman Balram Chainrai, had claimed it was owed £12m by the club and held the stadium as security. The Pompey Supporters' Trust (PST) will now pay a reported £3m plus add-ons to take control of the club and gain ownership of Fratton Park, making it the biggest fan-owned club in the country. The deal is subject to Football League approval.
April 18, 2013 at 07:03 PM
1 minute read
The original version of this story was published on Legalweek
Pinsents and Walker Morris act on deal to see fans take control of club
Pinsent Masons and Walker Morris have played key roles in pushing through an out-of-court settlement that has seen Portsmouth Football Club rescued from administration by a group of its supporters.
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