Portsmouth's fight for survival will go to the "11th hour" but a fan takeover is feasible, the club's administrator has revealed.
Liquidation still possible but fans' trust hopes to step in
Portsmouth's fight for survival will go to the "11th hour" but a fan takeover is feasible, the club's administrator has revealed.
Pompey went into administration for the second time within two years in February and were subsequently relegated to League One.
But Trevor Birch, head of PKF insolvency practice, has warned that liquidation remains a distinct possibility if things go against the struggling club.
A takeover by a Portsmouth Supporters' Trust (PST) share scheme could be a possibility if two or three "high net worth" individuals or the city council support the plan, Birch said.
An alternative option is for former owner Balram Chainrai to launch another takeover bid in the hope of recouping the £17million he is owed.
Possibilities
Birch is also waiting for two other interested parties to provide proof of funds and he admits anything is still possible.
"I think it is going to go to the wire, it's going to be the 11th hour," said Birch.
"The Football League's AGM is at the end of the month and we have to be talking in some sort of positive terms to move beyond that."
Birch also revealed he is hoping to persuade some of the club's high-earners, such as Israel international Tal Ben Haim, to agree to end their contracts early as a cost-cutting measure.
But even if the worst should happen, the PST intends to pick up the pieces and start from scratch further down the league pyramid.
For now, PST chairman Ashley Brown is targeting Pompey's 100,000 strong database of fans in the hope of finding 1,000 individuals willing to pledge £1,000 each for shares in order to launch a credible bid.
Four hundred people have already come forward and Brown is also hoping there are wealthier people out there who could aid the venture.
Positive
He said: "We are very positive about the response and we are also looking at other funding streams, such as other Pompey fans who can afford significantly more than £1,000, and different ways in which they can invest."
Some £5million to £6million will have to be raised to take over the club, pay off some outstanding debts and have enough money to start the new season in League One.
But forming a new club is also a viable alternative for the PST.
Brown added: "If the administrator is forced to move to liquidation we would still hope to be in a position to rescue the club from the liquidators and start a new Portsmouth Football Club, hopefully still at Fratton Park, but playing lower down the league tier initially.
"We hope to offer a safety net if all else fails."
