After 16 months of commitment and hard work, legal firm Verisona celebrated its success in providing the business support, legal representation and financial management needed by ‘Portsmouth Community Football Club’ (“PCFC”) a consortium including ‘Pompey Supporters Trust’, in order to take ownership of Portsmouth Football Club.
At the end of 2011, Verisona began the preparatory work so that when Portsmouth FC (2010) Ltd was officially placed in Administration in March 2012, PCFC was ready to hit the ground running.
The firm has worked tirelessly with P C FC and its partners to create and submit the bid and conducted long and, at times, robust negotiations with the Administrators that eventually resulted in it achieving preferred bidder status. There then rose the immense challenge of carrying out all Due Diligence, including the examination of all contractual liabilities, and negotiating agreements with the football authorities. This included the Premier League in relation to outstanding parachute payments and particularly satisfying the Football League (and the FA) in relation to the transfer of the (so called) Golden Share and the terms for admission of PCFC as a member. There were also complex negotiations with the Professional Footballers Association in relation to the monies owed to former players. Successful conclusion of these negotiations was critical in ensuring a smooth transition of ownership.
Verisona also managed the collection, recording and accountability of over £1.5 million of contributions made by fans who pledged their financial support.
Finally, the firm liaised with administrators acting for owners of the land around Fratton Park together with the local council, the proposed developer and many other stakeholders, keeping everyone together and on the same page before even facing the opposition.