Your Views On Council Fratton Park Loan Deal?
The council have been in discussions this week about how they can utilise tax payers money to assist the Portsmouth Trust bidding to bring Pompey out of administration.
Pompey Supporters trust have turned to the council to help them complete the purchase of the club including an offer of around £2.75m for Fratton Park to Balram Chainrai who has £17.5m in loans secured on the ground.
So what do you think as a local? After all it will be your money allowing this process to proceed…….
The conditions surrounding the loan from the council are proposed as follows -
1. A written agreement by the Premier League, Pompey and the trust that the loan will be paid from parachute payments in August 2013.
2. The trust’s business plan is approved by the Football League. (Probably the same people who do the fit & proper test!)
3. All players must have agreed terms within the finance available in the trust’s business plan. (Do we have any left???)
4. The trust has received £3m on deposit from supporters pledges, associate directors and high net work individuals – plus £500,000 additional contingency.
5. Trust directors should take a personal charge upon their assets to a council loan to guarantee repayment, or an investor guarantee to the value of the loan.
We quite agree with the Pompey Trust chairman who has commented that the council should be making as much effort to save the club as it does with the Pyramids Centre, Southsea. Surly the club and surrounding trade brings in more money to our city than the Pyramids centre currently does.