Trust set to complete Portsmouth takeover
A trust representing supporters of Portsmouth Football Club is close to acquiring it from the administrator, subject to a court hearing over the sale of the club's stadium.
The acquisition of Portsmouth Football Club by a trust representing supporters has been agreed.
A statement on the club website by joint administrator of the club Trevor Birch, of PKF, said: "We can confirm that we have signed a sale agreement with the Pompey Supporters' Trust (PST) to acquire the business of Portsmouth Football Club."
However, the business negotiations have not been entirely smooth for PST with Mr Birch noting Portpin, which owns the club's Fratton Park stadium, has rejected the trust's bid for the venue.
He said this means the sale is "conditional" on the outcome of a court case, which may order the sale of Fratton Park.
Mr Birch said he hoped the latest announcement would mark the "beginning of the end" of the sale process.
Portsmouth won the FA Cup just four years ago, but has since been spiralled into deep financial difficulties, forcing the club to sell players and go into administration, with frequent threats of liquidation.