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| Portsmouth announce club is now officially debt free | Portsmouth announce club is now officially debt free |
| (about 7 hours later) | |
| Portsmouth are no longer in debt, two years ahead of schedule with the Professional Footballers’ Association affirming all sums owed to its members have been met. | |
| The club have endured a dramatic fall, suffering three relegations and two periods of administration since winning the FA Cup in 2008. A fans’ consortium took over in April last year with debts of more than £7m, including unsettled contracts with 24 former players including Dave Kitson, Tal Ben Haim and Liam Lawrence. Now Portsmouth’s chief executive, Mark Catlin, has revealed the club have already paid off those debts and money owed to other creditors, including Portsmouth city council. | The club have endured a dramatic fall, suffering three relegations and two periods of administration since winning the FA Cup in 2008. A fans’ consortium took over in April last year with debts of more than £7m, including unsettled contracts with 24 former players including Dave Kitson, Tal Ben Haim and Liam Lawrence. Now Portsmouth’s chief executive, Mark Catlin, has revealed the club have already paid off those debts and money owed to other creditors, including Portsmouth city council. |
| “Pompey is completely legacy debt free but that is just the start,” Catlin told the Portsmouth News. “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. It is important we stay under the microscope and cannot allow ourselves to go to that level again. | “Pompey is completely legacy debt free but that is just the start,” Catlin told the Portsmouth News. “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. It is important we stay under the microscope and cannot allow ourselves to go to that level again. |
| “This has taken a lot of hard work and dedication from everyone. I cannot overstate the effort of the staff, the leadership of chairman Iain McInnes, the tremendous board support and, of course, the magnificent fans. | “This has taken a lot of hard work and dedication from everyone. I cannot overstate the effort of the staff, the leadership of chairman Iain McInnes, the tremendous board support and, of course, the magnificent fans. |
| “Our finance director, Tony Brown, has done a fantastic job, and it has been under his stewardship this has been made this possible. We are in complete control of the club’s destiny. We start here.” | “Our finance director, Tony Brown, has done a fantastic job, and it has been under his stewardship this has been made this possible. We are in complete control of the club’s destiny. We start here.” |
| A club statement released also paid tribute to the recovery. | A club statement released also paid tribute to the recovery. |
| “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,” it 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,” it read. |
| “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 process. | “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 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. | “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. | “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. |
| “ Our imminent move to a new training ground is a fundamental part of this work in putting in place foundations to enable the sustainable growth of all aspects of the club.” | “ Our imminent move to a new training ground is a fundamental part of this work in putting in place foundations to enable the sustainable growth of all aspects of the club.” |
| Debts owed to players were officially signed off by the Professional Footballers’ Association this week despite the repayments not being scheduled to end until July 2016. Andy Awford’s side are eighth in League Two, with 15 points from 10 games. | Debts owed to players were officially signed off by the Professional Footballers’ Association this week despite the repayments not being scheduled to end until July 2016. Andy Awford’s side are eighth in League Two, with 15 points from 10 games. |