Pompey bid still on track, says supporters' trust

THE Pompey Supporters' Trust has moved to reassure fans its bid is still on course.

By The Newsroom
Thursday, 8th November 2012, 7:35 am
Updated Thursday, 7th June 2018, 7:17 pm

Updates have been limited since the trust was named as the preferred bidder to take over at Fratton Park three weeks ago. But Colin Farmery, trust spokesman, said the deal is ‘still very firmly on course’.

He said: ‘It has been three weeks since the trust was given preferred bidder status and things are still moving in the right direction.

‘All of us working on the bid have been very busy. There has been lots going on behind the scenes to pull the deal together, and the important point is that negotiations have been very complicated and delicate – and that’s not to be underestimated.

‘There has been lots done by the legal team to make sure it’s as watertight as possible. At the end of the day, fans are going to be committing money to this and it’s important we get that right for the long-term future of the club.’

He added that the trust has been working on a shareholders’ agreement, which sets out in detail the relationship between all the stakeholders in the bid and the offer the trust is making.

Mr Farmery said the trust’s share prospectus, which will be sent out to fans who have pledged towards a share, is almost complete.

He added: ‘There’s a lot of things that are going on behind closed doors.’

Mr Farmery said that the trust wanted to be as transparent as possible but did not want to conduct its business in the public domain.

Portsmouth South MP Mike Hancock said he was surprised the trust’s takeover deal has yet to be resolved.

He said: ‘The longer it drags on the harder it becomes for the trust to convince supporters to get the money in and it’s hard for them to keep the momentum going. Every true supporter of Pompey would love nothing more than having this done and dusted as quickly as possible.’