No Portpin at Pompey
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Dear football league and administrators PKF,
We the undersigned would like to register our grave concerns over future of Portsmouth Football Club should previous owners Portpin be reappointed as owners.
We would also like to express our concerns that Portpin's short term vision for the club is not in the best interests of the club, the community or the creditors who have been so badly let down in the past by the poor financial decision made by previous owners, including Portpin.
We believe that Portpin made a poor financial decision in loaning previous owners of the club c.£18 million without thoroughly investigating the underlying severe financial difficulties the club was facing at the time.
It has been the the financial mismanagement of the club through a culture of loans and debt that has brought the club once again to its knees, and Portpin has (perhaps unwittingly) been part of this process that has seen those connected to the club lose their jobs, creditors lose yet more money, and the club tumble its way way through the leagues as it staggers from one financial crisis to the next.
We fear that Portpin's short term vision for the club do not serve the best interests of its creditors, the club itself or its community. These fears are bolstered by Portpin's previous actions as owners of the club. Portpin has had many opportunities in the past to stabilise the club through sound business principles, put in place realistic repayment programmes and run the club as a viable, successful profit making business.
Instead their short-term vision has yet again seen the club on the edge of liquidation, with the subsequent loss to creditors, employees of the club, the players and the community.
Our concerns about Portpin are not based on speculation or hearsay but on the the very real history of events under Portpin's control and involvement with the club, and their own previous admission that they are 'reluctant owners' seeking to reclaim their debenture. In our eyes, they have and always will be part of the problem, and will never be seen as a long term solution to the clubs problems.
We believe it is time for a fresh start at Pompey. A chance to rebuild the club based on a sustainable business model with integrity and transparency. An opportunity to rebuild links with both the community and businesses that have been so badly let down by Portsmouth's previous owners in the past.
For us the choice is stark: between short-term reluctant owners who will look to sell the club on, with little or no investment and the loading of yet more debt, with further risk of non-payment of creditors; or a progressive long-term vision for the club through the Portsmouth Supporters Trust that will see transparency, investment and growth, and proper repayment plans for creditors that will restore the real values to this once-proud Portsmouth Football Club.
We urge you to do the right thing for all concerned. Award ownership to the Portsmouth Supporters Trust and give the club the chance to restore its pride and its integrity
Thank you for reading this petition, please sign below if you are in agreement.
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This epetition was set up independently of the Portsmouth Supporters Trust, by Dan Lacey Twitter: @whorunsmyclub Who is now of 26 th September a member of the portsmouth supporters trust