The announcement that the Club board is in discussions with Michael Eisner has provoked considerable debate. There is near universal agreement that the Club needs considerable investment, but what sort of investment and under whose control?
As Tony John commented on The News website (25/03/17):
‘It isn’t about whether Eisner is a ‘good chap’. It is about the fact that there is only one Portsmouth FC and once it is sold to anyone ……. They can sell it on to whoever they wish.’
Ownership by a successful businessman is no guarantee of a successful football club. Randy Lerner presided over Aston Villa’s relegation from the top division after 41years. Francesco Becchetti, a waste disposal and recycling multimillionaire, is breaking the hearts of Leyton Orient fans by taking them out of the Football League after 112 years.
Milan Mandaric had a highly successful business record but his decision to sell after only eight years of ownership set in train a catastrophic set of events which meant the club nearly folded.
We need owners for the long term, which we have now with fans ownership. No To The Takeover is opposed to the loss of fan ownership and control of our club.
The need for investment
This is not a new issue. A motion passed at the Trust’s AGM in 2014 recognised that ‘the further development of our club will require significant funds’ and instructed the Trust Board ‘to prepare a report for next year’s AGM outlining options to fund future capital projects’.
The Trust’s Stadium Working Group, which includes professionally qualified members, has produced two detailed reports on options to develop a modern stadium in Portsmouth and redevelopment of Fratton Park. These should be made available so all supporters can read them.
Fratton Park has been effectively full for two-thirds of daytime league matches this season. The immediate priority of rebuilding the Milton End has been costed at about £3million. The Club’s most recent published accounts (to June 2016) showed £1.9m available cash. There is also approximately £1m held by the City Council for the Club from the Tesco development. So a new Milton End could be financed now with the resources available to the Club.
This would introduce better facilities, increase match day revenues and would provide positive investment with no change of ownership.
FC United of Manchester raised over £6m to build a new ground and AFC Wimbledon have advanced plans for a new ground. In both cases this has been without diluting fans’ ownership. We are a much bigger Club than either of them. We can redevelop our ground in stages, enhancing income and the level the Club can be sustained at.
We also need financial fair play. This will not be achieved through more multi-millionaire owners but by helping more clubs to become fans owned.
Democratic Debate
No To The Takeover believes that the Trust should hold a members meeting now to discuss whether fans want to relinquish ownership. If members are prepared to consider a change of ownership, the meeting could discuss what conditions should attach to this.
In 2013, fans invested in the Club with no guarantees because we needed the Club to survive. If the Club Board do recommend a change of ownership, then we believe that the Trust Board should, in the best democratic traditions, circulate equally arguments for and against.
No To The Takeover includes fans who have supported Pompey for over 50 years, from the fourth division to the first and back again. We believe in a sustainable fans owned club playing at the highest level and support the wider development of fans owned clubs.
No To The Takeover 