City council to finalise Pompey loan deal

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COUNCILLORS will decide today whether a huge cash loan should be used to help Pompey fans take over the club.

As previously reported in The News, city leaders voted to loan Pompey Supporters’ Trust £1.45m in August last year. Now a cabinet meeting is to be held at 1.40pm in the council chamber to finalise the agreement.

A report being presented to members says the move should be agreed on the basis that assurances are made by The Football League and the club’s administrators PKF that no other bid is being considered.

There should also be proof that £1m worth of investment collected by the trust and funding agreed by property developer Stuart Robinson are deposited into an escrow account.

The document adds that a ‘suitably skilled’ chief executive should be appointed at the club. Portsmouth City Council Leader Gerald Vernon-Jackson said: ‘The advice given by council officers is that there is no greater risk now of entering into a deal than there was back in August.

‘I would be very surprised to see the council agreeing to doing something different and rejecting the loan.’