Monday 29 September 2014

Portsmouth Football Club finally debt free

Portsmouth have announced that they are debt free after clearing their outstanding arrears following their exit from administration in 2013.

According to The News, the south coast club has paid off around £7million in the last 18 months to clear their debts nearly two years ahead of schedule.

The club have agreed settlements with all 24 former players who were owed money from previous regimes - including Liam Lawrence, Tal Ben Hain and Dave Kitson.

Chief executive Mark Catlin told The News: ‘Pompey is completely legacy debt free – but that is just the start.

‘It is a fantastic achievement and a weight hanging over the club since coming out of administration 18 months ago has been removed.

‘We are at Ground Zero now. This club was in a crater and we are out of that now with foundations built. The club has turned itself around and got itself on a level playing field. We are debt free and keep moving forward and progressing, never taking our eye off the ball.’
A statement on Portsmouth’s website read: ‘Portsmouth Community Football Club would like to announce that all legacy debts taken on by the club as part of its exit from administration in April 2013 have now been fully settled.

‘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.

‘We would like to thank all staff, supporters, directors and the PFA for their assistance in enabling this to be achieved well ahead of schedule.

'PCFC can now fully focus its efforts on looking forwards instead of backwards, while still recognising that the rebuilding process will continue to be a difficult task in the years ahead.’

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