Apparently it will be to set the date for the valuation hearing of FP. All parties agreed to the postponement.
PST saying it's a good thing Sounds like there will be more news coming out shortly - something about PST being able to buy the club themselves (am guessing that they won't be relying on a loan?) Here's a statement from PST
Pah, I doubt it. They're just trying to hold the whole thing together while Birch the leach joins the queue of people wanting to suck the club dry.
From what I can tell, it seems that the developer buying both Fratton Park and the surrounding land has been one of Portpin's gripes (seemingly one of the reasons for some of the holdups) - now the PST are in a position to purchase both the club and Fratton Park - Stuart Robinson is still buying the surrounding land.
Cheer up and look on the bright side. If Portsmouth actually runs out of money and dissolves everyone loses, so at some point there is an impetus just to settle for the least-bad scenario. Which in this case is PST, as they have already been named preferred bidders. And two more weeks is not a lot of time for Portpin or someone else to come up with something\ major enough to throw a monkey wrench or spanner or whatever you call 'em into the works. This gives PST a little more time to finalize plans and come up with answers to any remaining questions. At worst, they still have the inside track at this point so if in two weeks nothing has changed and everyone just comes in with thee same story they had last time, PST probably still wins. If PST is what they claim, I think you have reason to be very cautiously optimistic Which given the past year or so is the best state the club's been in for a while. I have my doubts PST is legit, but we all know Portpin is definitely not. One hurdle at a time.
The danger as I see it is if the Judge actually decides that the ground is to be auctioned off so as to get the best possible price for it. Which in theory could happen. Portbin have only got to put one of its cronies in there and the price will go up. Have seen this in other business circles before.
http://www.portsmouth.co.uk/sport/pompey/we-ll-buy-fratton-park-immediately-says-trust-1-4681446 Whilst this is excellent news, the part of that article that struck me the most was "In a statement issued last night, administrator Trevor Birch, said: ‘Following discussions last week, all parties agreed to ask the court for an adjournment until 31 January." I might be being hopeful, but does this mean that BC has finally realised that no one is gonna pay the extortionate amount of money he wants, and that pushing for liquidation is just cutting of your nose to spite our face.
The fly in the ointment in this scenario though is the covenant placed on the ground by Portsmouth City Council. Although it is possible that a court can overturn the covenant the fact that the club itself will continue to exist will impact on any decisions. However, it does look as though the PST are actually buying the ground as well as the club now rather than the developer buying the ground and the PST buying the club. Looking hopeful now.
what thery are not saying is how they intend to purchase the ground! Its a cleverly worded statement. Dont get me wrong, I am all for the PST taking control, but considering they have supposedly been struggling to convert pledges........how will they buy the ground? 1/ Investor, high net worth individual coming on board? 2/ loan? 3/ deal struck with chainrai over about 25 years like a mortgage? I am not convinced we have heard the last on this latest set back/ saga/ postponement..........but am keeping the faith like the rest of you! PUP
Wasn't there some talk, back in time, that Portsmouth City Council could buy the ground and lease it back to the club?
There was talk of it being a possibility, dev. Not so sure (understandably) as to whether some of the Council Tax payers in the city were too happy about it though - not all of them are football fans.
They can get away with it though as long as they do not put the rates up to cover the costs. They would presumably buy it out of the council reserve as long as over a period they can show that it is a kind of investment and the return would be higher than if they had invested the money in another way. Hampshire Cricket has done something similar with the money it borrowed from Eastleigh council.
The first time the council loan was being talked about, the Council got a % interest back that equates to about 50K. People still making a fuss though. I know not everyone is a footie fan but the amount of money that the club makes for the city directly and indirectly would be missed if the club folded. Or fell into BC's hands.
That appears not to have been an option for some time now, although it has been suggested that PCC would purchase the ground if it came to liquidation. Last summer PCC did agree to obtain a loan - which LAs can get at very preferential rates - which they would then loan to the PST, if there was no other commercial offer on the table for the club.
I do hope it isn't option 3 - it was made public that Chanrai wanted £1.2m per annum in rent. Options 1 or 2 would be better. And, to be honest, the PST haven't told anyone anything except that the bid is still on track, so we have no idea even how many of the pledges have been converted.
