Walker Morris, Taylor Wessing lead as Portsmouth FC avoids liquidation
Walker Morris and Taylor Wessing have advised on the sale of Portsmouth Football Club, which was concluded this weekend following protracted negotiations over the terms of the acquisition. The sale, which marks the club's exit from administration following months of turmoil surrounding the club's liquidity, saw former owner Alexandre Gaydamak strike a deal with new owners Balram and Deepak Chainrai and Levi Kushnir late on Saturday (23 October).
October 27, 2010 at 08:30 AM
2 minute read
Walker Morris and Taylor Wessing have advised on the sale of Portsmouth Football Club, which was concluded this weekend following protracted negotiations over the terms of the acquisition.
The sale, which marks the club's exit from administration following months of turmoil surrounding the club's liquidity, saw former owner Alexandre Gaydamak strike a deal with new owners Balram and Deepak Chainrai and Levi Kushnir late on Saturday (23 October).
Gaydamak was advised by Taylor Wessing, with the UK top 50 firm fielding a team led by head of financial institutions Tim Stocks.
The deal saw Portsmouth's assets transferred to its parent company-in-waiting, PFC Realisations, which was represented by City boutique Balsara. The niche commercial firm's team, which was led by managing partner Ashok Patel, simultaneously advised the club's new owners.
Yorkshire firm Walker Morris, which fielded a team led by corporate partner and football finance head David Hinchliffe, advised the joint administrators at UHY Hacker Young, overseeing the club's exit from administration in accordance with the Football League regulations.
Walker Morris has acted for the joint administrators since Portsmouth entered administration in February, at which point the club received a nine-point penalty from the Premier League which led to its eventual relegation to the Championship.
Hinchliffe said: "This has been the culmination of months of hard work and effort. Through our extensive experience in this sector, [we are] uniquely placed to advise on football club restructuring."
The firm's team also included associates Duncan Lole, James Moore and Victoria Kay.
The news comes two months after Walker Morris achieved a court victory for Portsmouth by successfully defeating HM Revenue & Customs in the High Court after the body had issued a winding-up order over tax issues.
Portsmouth's financial collapse saw the club become the first-ever Premier League team to enter into administration, marking a rapid fall from grace after winning the FA Cup in 2008 under the leadership of current Tottenham Hotspur manager Harry Redknapp.
For more, see BLP advises Portsmouth owner as football club wins stay of execution
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