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Pompey sale completed
By PST Board

Added on 03 August 2017

The PST Board is pleased to announce that the takeover of Pompey has now completed. The PST Board, together with representatives from the Presidents, the Club and Tornante have worked diligently over the last 2 months to come to a final agreement that is in accordance with the Terms Sheet presented to members and to provide the Heritage and Advisory Board with the best foundation for a successful future.

We can confirm the following details of the sale:

  • Pompey is now a subsidiary of Portsmouth FC LLC, a US company which is owned by Tornante

  • The PST received £1000 per share in payment

  • The Presidents either received £1000 per share or took the option of a contingent payment as outlined in the Term Sheet, or a combination thereof

  • £10m has been placed under the control of the football club, this takes the form of equity

  • The Club has issued a single Heritage Share to a new company Pompey Heritage Share Co Ltd, which carries the veto rights over name, colours and stadium location as outlined in the Term Sheet. This company has subsequently become a subsidiary of the Club.

  • The directors of Pompey Heritage Share Co Ltd form the Heritage and Advisory Board, and this will consist of 3 representatives from the PST Board, 3 Presidents, 2 Club Executives and 2 Tornante Executives.

  • PST representatives will serve a one year term and can be reappointed each subsequent year.

  • The Presidents representatives will serve 3 year terms by rotation with a 2 year hiatus before being able to be reappointed.

  • The Heritage and Advisory Board will provide recommendations on the following areas

    • ticket pricing (including season ticket, membership and individual ticket prices);

    • the appropriateness of sponsors of the Club;

    • the on-field performance of the Club;

    • any plans for the development of Fratton Park or any future stadium of the Club;

    • appropriate match-day privileges for Presidents and the members of the PST;

    • any proposed material change or redesign of the crest of the Club; and

    • the manner in which broader engagement with all the stakeholders of the Club is conducted;

We would like to thank our solicitors, Gateley plc for their excellent advice and assistance during this process, as well as the Presidents, Tornante and the Club for their hard work in completing the sale.

Work has commenced on the process that will enable Community Shareholders to apply to withdraw their Community Shares. Details of this process will be provided in due course in time for a vote at the AGM on 21st September to authorise the Withdrawal Scheme to go ahead and make any necessary rule changes to facilitate this.

In the meantime, the PST board has proposed Ashley Brown, Simon Colebrook and John Kimbell to serve as its initial representatives to the Heritage and Advisory Board to help get it started and its framework in place. In September, once the newly elected PST board members are in place, the 3 representatives for the following 12 months will be chosen.

We look forward to working together with Tornante, the Presidents and the Club to build a successful next chapter in Pompey’s future.

The full joint press release can be viewed here https://www.portsmouthfc.co.uk/news/2017/august/tornante-company-complete-purchase-of-portsmouth-fc/

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