Portsmouth City Council agree to loan £1.45m to Pompey Supporters Trust

From left, Southampton City Council leader Simon Letts, Portsmouth City Council leader Donna Jones, and Isle of Wight Council leader Jonathan Bacon sign the formal application for a Solent Combined Authority in 2016

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POMPEY fans have scored a victory after the council agreed to give the Pompey Supporters’ Trust a huge cash loan to take over the club.

Council members unanimously voted in favour of rubber stamping the £1.45m payment after hearing that the financial situation had greatly improved at Pompey since the local authority put the money aside in August last year.

Fratton Park

Fratton Park

The trust also promised it would pay back the money in full after five months of being in charge of the club.

The decision was made at an emergency cabinet meeting held this afternoon, which was called because the club’s administrators PKF need to file papers to the High Court on Thursday which outlines how the trust is funding its bid.

If a decision had not been made then the club would have been at risk of liquidation.

As previously reported in The News, the club will appear before the court before the end of April over the valuation of Fratton Park.

Trust chairman Ashley Brown said: ‘This is a victory for the fans and we don’t want it to sound like there was any concern about this not being approved. It was a rubber stamping and showed the council is still supportive of us.

‘It’s now about getting to the High Court and moving the club forward.’