' Pompey officially debt free '

Just seen on SSN.

Fantastic achievement, apparently this has been done 2 years earlier than planned.

They've been through the mill big time over the last couple of years - and they deserve all the credit they get.

Just seen on SSN.

Fantastic achievement, apparently this has been done 2 years earlier than planned.

They've been through the mill big time over the last couple of years - and they deserve all the credit they get.

Great news for them. Their Trust and its backers have done a fabulous job there both before and since buying the club from the Administrators.

They were helped a great deal by an unexpected parachute payment windfall of £9m from Sky as well.(Sky backdated some payments to previously relegated clubs when it entered its recent new deal with the Premier League)

Weren't they more than £100m in debt at one time? Did they pay off all the local businesses they owed money too? Or did they go bankrupt first?

Weren't they more than £100m in debt at one time? Did they pay off all the local businesses they owed money too? Or did they go bankrupt first?

They went into administration a couple of times.

It would be interesting to find out how much it cost the supporters to buy their club back. I would imagine it would be a fraction of £100m.

Weren't they more than £100m in debt at one time? Did they pay off all the local businesses they owed money too? Or did they go bankrupt first?

They went into administration a couple of times.

It would be interesting to find out how much it cost the supporters to buy their club back. I would imagine it would be a fraction of £100m.

It was in the earlier 2010 Administration that debts were about £100m and a deal put forward to settle them at 20p in the £.

In the subsequent 2012 CVA (because the first one failed), proposals were initially accepted which gave creditors about 1p in the £ with smaller debts (under £2,500) paid in full.The proposal gave a month for other , better, offers to be made.

The Pompey Supporters Trust then came forward with a better offer which was accepted . This involved paying £3m to the previous owner Mr Chanrai so that he would release his mortgage charge over the football ground and surrounding land. This was funded by a loan from the local Council and another from a local property developer (who has to give land back to the club for possible ground extension if he wants planning permission to develop the rest of the land for housing).

The club had football debts of £8m which it was obliged to pay off in full to comply with league rules and it was agreed to do so over a 4 year period. The recent windfall income of £9m from Sky has enabled this to be paid off two years early and make the club debt free.

Other creditors agreed to be paid just 4p in the £ in full settlement of the debts due to them. The exception has been small local businesss and charities which , with the consent of other creditors , were paid off in full.

Hope this helps

Weren't they more than £100m in debt at one time? Did they pay off all the local businesses they owed money too? Or did they go bankrupt first?

They went into administration a couple of times.

It would be interesting to find out how much it cost the supporters to buy their club back. I would imagine it would be a fraction of £100m.

It was in the earlier 2010 Administration that debts were about £100m and a deal put forward to settle them at 20p in the £.

In the subsequent 2012 CVA (because the first one failed), proposals were initially accepted which gave creditors about 1p in the £ with smaller debts (under £2,500) paid in full.The proposal gave a month for other , better, offers to be made.

The Pompey Supporters Trust then came forward with a better offer which was accepted . This involved paying £3m to the previous owner Mr Chanrai so that he would release his mortgage charge over the football ground and surrounding land. This was funded by a loan from the local Council and another from a local property developer (who has to give land back to the club for possible ground extension if he wants planning permission to develop the rest of the land for housing).

The club had football debts of £8m which it was obliged to pay off in full to comply with league rules and it was agreed to do so over a 4 year period. The recent windfall income of £9m from Sky has enabled this to be paid off two years early and make the club debt free.

Other creditors agreed to be paid just 4p in the £ in full settlement of the debts due to them. The exception has been small local businesss and charities which , with the consent of other creditors , were paid off in full.

Hope this helps

Cheers for that.

That gives us a yardstick to measure by if we go down the same route.

1 p and 4 p in the pound ,bloody hell

Just shows really that it is possible for the fans to make a real contribution in clearing debt. They don't need a rich owner to bail them out. I bet they make steady positive progress through the leagues now.

Congrats to all involved in the club. A momentous day!!!

Just shows really that it is possible for the fans to make a real contribution in clearing debt. They don't need a rich owner to bail them out. I bet they make steady positive progress through the leagues now.

Congrats to all involved in the club. A momentous day!!!

Not such good news for those that accepted 1p and 4p in the pound though.

Someone always loses I'm afraid.

Well pleased for them, great set of fans!

Fans that stuck together, well done pompy

Portsmouth have announced they have now cleared all debts following the club's exit from administration in April 2013.

The Pompey Supporters' Trust has been in charge since striking a deal with former owner Balram Chainrai.

A club statement said they could now look "forwards not backwards, while still recognising that the rebuilding process will continue to be a difficult task in the years ahead".

Portsmouth have been in administration twice in the past five years.

The club came close to liquidation in 2013 before the Trust came together to take over.

Some 2,368 shareholders have between them raised about £2.5m through individual pledges of £1,000.

The PST owns just under 51% of the club, with a group of 13 presidents making up the remaining share.

Those presidents include Portsmouth chairman Iain McInnes and property developer Stuart Robinson.

Robinson himself owns land surrounding Fratton Park and plans have been approved for a supermarket behind the ground, a project that will finally mean the site is redeveloped and transformed.

Portsmouth's presidents have also injected £500,000 to help with ground improvements, which will take potential attendance to around 20,000.

"Everybody at the club has worked hard in reorganising our operations during the past 18 months and the legacy debts were a significant liability hanging over this ongoing process," the statement said.

A new training ground is due to open before the end of the year and the club statement added that it was part of a process of "putting in place foundations to enable the sustainable growth of all aspects of the club".

Portsmouth are eighth in League Two as they look to begin the process of climbing back up through the divisions, having been in the Premier League as recently as 2010.

And chief executive Mark Catlin paid tribute to the hard work of the staff, as well as the support from the fans, and warned there could be no repeat of the financial mismanagement of recent years.

"Obviously it's another milestone in the club's evolution, a great day and the culmination of a lot of hard work by a lot of people over the past 18 months since we came out administration," he told BBC South Today.

"It's the fans, staff and backroom staff who have got us here. The supporter base is key as they've given us financial clout,

"Operationally it makes a big difference and means we can build for the future, but what we can't do is take our eye off the ball."

Just shows really that it is possible for the fans to make a real contribution in clearing debt. They don't need a rich owner to bail them out. I bet they make steady positive progress through the leagues now.

Congrats to all involved in the club. A momentous day!!!

Not such good news for those that accepted 1p and 4p in the pound though.

Someone always loses I'm afraid.

Huge sympathies for those who lost out!!

However, this is the nature of the beast. It is nothing compared to the public pensions scandal and the big bonuses paid to bankers who fail.

Just a good news story for a descent club. Let's hope that could happen elsewhere.

screwed lots small buisnesses well done ???????

screwed lots small buisnesses well done ???????

Is that an assumption or have they genuinely screwed LOTS of small businesses? Anyway, blame the previous owners not the fans, could easily happen to any club in the football league