English Premier League football club Portsmouth is expected to have a new owner by the end of the year after Pompey Supporters’ Trust (PST) sealed a conditional agreement to purchase it from its administrator, Reuters reports today, citing the buyer’s chairman Ashley Brown.
The agreement with PST, which represents a group of fans of the club, is subject to legal approval allowing the administrator, accountants firm PKF (UK) LLP, to sell the club’s football stadium Fratton Park to the investor.
Portsmouth was placed into administration in February. The club, with debts reported to be some GBP61m (USD97m/EUR76m), subsequently started playing in the third tier of English soccer.
PST was named the preferred bidder for the soccer club in October. The second bidder for Portsmouth, its former owner Balram Chainrai, cancelled his bid for the club on 9 November, saying he was dissatisfied with the way the administrator coped with Portsmouth’s financial hurdles. Chainrai, through his Portpin company, is still seeking GBP17m from the club that has been secured against Fratton Park.