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Portsmouth confirm they are debt free

29 September 2014

Portsmouth have announced that the club is now debt free.

The League 2 side have paid off all the debts taken on by the club's owners, including those owed to former players, when they came out of administration 17 months ago.

The Pompey Supporters' Trust, led by chairman Iain McInnes, took over at Fratton Park in April last year, saving the south-coast club from going bust.

A statement on Pompey's website 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.

"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 ongoing 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.

"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."

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