PKF will now be the administrator of Portsmouth Football Club and not UHY Hacker Young after a court case brought by HMRC.
The south coast Championship side entered administration for the second time in two years today and HM Revenue & Customs (HMRC) sensationally blocked UHY Hacker Young from becoming the administrator of the club for a second time.
Instead, Trevor Birch of PKF has been appointed on the basis of prospects for a better outcome.
Birch said: “Portsmouth Football Club is a vital part of the local community and its fans, players and staff have been unswerving in their support despite the club’s recent difficulties. We will do all we can to secure the club’s long term future and ensure that this loyalty is rewarded.
“We will work with everyone involved with Portsmouth Football Club – directors, staff, players and creditors – to attempt to resolve the financial issues facing the club.
“Our aim is to achieve an outcome that helps ensure the club’s long term survival, preferably by finding a suitable buyer.
“We will now begin discussions with the club’s stakeholders with a view to getting Portsmouth out of administration as soon as is practically possible. Until then, our intention is to stabilise the situation and keep the club running on a day-to-day basis.
“Everyone involved with the club has endured a turbulent past few years and our aim is to bring some much-needed stability to the situation. Quick fixes and wealthy benefactors are not necessarily the solution here – the club needs a pragmatic new owner with a sound business plan that can reinvigorate the club and bring confidence back to Fratton Park.
“We have considerable experience in the football industry and are ready to take on the challenges that lie ahead. I have personally served as Chief Executive of several major clubs, including Chelsea, Derby County, Everton, Leeds United and Sheffield United. PKF has worked for a number of teams over the past few years and we have a successful track record as football club administrators, having previously been appointed at Clyde, Clydebank, Dundee, Motherwell and Oldham Athletic.”
Appearing at the Royal Courts of Justice today HMRC ensured UHY would be prevented from handling the administration despite the company’s bullish PR campaign in the press to date.
Only yesterday, the firm took full advantage of a PR opportunity on BBC Radio Solent to stress it remained the IP of choice to handle the football club’s administration.
On Tuesday, the club confirmed it had applied to the High Court to enter administration for the second time in two years, following news its parent organisation – Convers Sports Initiatives (CSI) – had entered administration back in November.
Portsmouth FC will receive at least a ten point deduction from the Football League although this is yet to happen. The south coast club currently has debts of some £1.8m with the tax man but also owes sums to Bristol City Football Club, West Bromwich Albion and Wolverhampton Wanderers.
The club’s accounts have also been frozen due to the winding-up petition meaning its players and staff were not paid for January.
Andrew Andronikou and Peter Kubik of UHY Hacker Young were appointed joint administrators for CSI, but efforts to secure a sale have so far proved in vain.
In 2010 the club became the first Premier League side to enter administration, which swiftly led to a nine point deduction and the club’s relegation from the top flight.
By Joe McGrath
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