Another step towards the exit of Portsmouth FC from administration and its acquisition by the Pompey Supporters’ Trust has been taken with the provision of a £1.45m bridging loan by Portsmouth City Council. The loan will enable the Supporters’ Trust to take control of Fratton Park along with property developer Stuart Robinson once the court case with Balram Chainrai’s Portpin group has been resolved.
Another step towards the exit of Portsmouth FC from administration and its acquisition by the Pompey Supporters’ Trust has been taken with the provision of a £1.45m bridging loan by Portsmouth City Council. The loan will enable the Supporters’ Trust to take control of Fratton Park along with property developer Stuart Robinson once the court case with Balram Chainrai’s Portpin group has been resolved.
The council are charging a reasonable 5 per cent interest on the loan. There are a number of conditions attached to it such as that a portion of parachute payments must be earmarked to repay it or the loan otherwise guaranteed by investors.
There was some opposition to the loan on the council, but it was argued that there was less risk now than when it was approved in principle last August.