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League Two Side Portsmouth Now Debt-Free Following Supporters Trust Takeover

League Two side Portsmouth has "cleared all debts following the club's exit from administration in April 2013," according to the BBC. The Pompey Supporters' Trust "has been in charge since striking a deal" with former Owner Balram Chainrai. Portsmouth has "been in administration twice in the past five years." The club came close to liquidation in '13 before the Trust "came together to take over." Some 2,368 shareholders "have between them raised" about £2.5M ($4M) through individual pledges of £1,000 ($1,600). The PST "owns just under 51% of the club, with a group of 13 presidents making up the remaining share" (BBC, 9/29). In London, Sunni Upal reported Portsmouth has paid off around £7M ($11M) in the last 18 months "to clear their debts nearly two years ahead of schedule." The club has "agreed settlements with all 24 former players who were owed money from previous regimes -- including Liam Lawrence, Tal Ben Hain and Dave Kitson." CEO Mark Catlin said, "Pompey is completely legacy debt free -- but that is just the start. ... We are at Ground Zero now. This club was in a crater and we are out of that now with foundations built" (DAILY MAIL, 9/29).

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