LONDON (Reuters) - A group representing Portsmouth fans hopes to be in charge of the former English Premier League soccer club by the end of the year after signing a conditional deal to buy it out of administration.
Portsmouth, an estimated 61 million pounds in debt, went into administration in February and were subsequently relegated to the third tier of English soccer.
The deal with the Pompey Supporters' Trust (PST) remains conditional on administrator PKF getting legal clearance to sell the club's Fratton Park home to the group.
"We hope to finalise the sale by Christmas, and go into 2013 with a fresh start for our great club," said PST Chairman Ashley Brown.
If the deal goes through, it will be an interesting experiment in fan ownership of a well-supported English club.
Supporters' groups across Britain have been pushing for greater involvement in the running of clubs, but few have managed to raise the money to match their ambitions.
"We thank everyone for their support so far, and look forward to many more Pompey fans joining us, and being part of history, as we create the biggest community-owned club in this country," added Brown.
PKF chose the supporters' group as preferred bidder for the English south coast club despite competition from former owner Balram Chainrai's Portpin company.
Portpin are still owed 17 million pounds by the club, secured against the stadium.
"We can confirm that we have signed a sale agreement with the PST to acquire the business of Portsmouth Football Club," joint administrator Trevor Birch said.
"Portpin has rejected the Trust's offer for Fratton Park, so the sale has to be conditional on receiving the Court's permission to sell the ground," he added.
(Writing by Keith Weir; Editing by Alastair Himmer)
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