Pinsents and Walker Morris lead as Portsmouth FC saved from administration
Pinsent Masons and Walker Morris have played key roles in pushing through an out-of-court settlement that has seen Portsmouth Football Club rescued from administration by a group of its supporters. An agreement has been reached between administrators BDO and creditors Portpin ahead of a High Court dispute over the valuation of the club's Fratton Park home ground. Portpin, led by former Portsmouth FC chairman Balram Chainrai, had claimed it was owed £12m by the club and held the stadium as security. The Pompey Supporters' Trust (PST) will now pay a reported £3m plus add-ons to take control of the club and gain ownership of Fratton Park, making it the biggest fan-owned club in the country. The deal is subject to Football League approval.
April 18, 2013 at 07:03 PM
2 minute read
Pinsents and Walker Morris act on deal to see fans take control of club
Pinsent Masons and Walker Morris have played key roles in pushing through an out-of-court settlement that has seen Portsmouth Football Club rescued from administration by a group of its supporters.
An agreement has been reached between administrators BDO and creditors Portpin ahead of a High Court dispute over the valuation of the club's Fratton Park home ground. Portpin, led by former Portsmouth FC chairman Balram Chainrai, had claimed it was owed £12m by the club and held the stadium as security.
The Pompey Supporters' Trust (PST) will now pay a reported £3m plus add-ons to take control of the club and gain ownership of Fratton Park, making it the biggest fan-owned club in the country. The deal is subject to Football League approval.
A Pinsents team led by global head of sport Trevor Watkins advised administrators BDO, assisted by London restructuring partner Tom Withyman. Pinsents instructed Katharine Holland QC of Landmark Chambers and Daniel Bayfield of South Square as counsel.
Portpin was advised by a team from Walker Morris led by restructuring partner David Hinchliffe, which instructed Hilary Stonefrost, also of South Square. Meanwhile, PST was advised by Portsmouth-based Verisona Solicitors along with Lexa Hilliard QC of 11 Stone Buildings.
Watkins said: "This is perhaps the most complex football administration ever seen. Testament must go to the considerable effort put in to reach this point by all stakeholders, reflecting the never-say-die attitude of all those involved at the club and its supporters.
"There are still steps that need to be completed before the takeover is final, but this is a major step forward."
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