Along with Port Vale, Portsmouth Football club have also managed to get their CVA approved. This means that the club can now be restructured and a buyer be found for the club. The administrators at PKF have also made 4 redundancies and renegotiated some of the wages. The club owes £58m and it is the second time they have got into financial difficulties.
For a CVA to be successful it is important that the company and its management have to change. There will often be redundancies and contracts renegotiated. Obviously Portsmouth have gone into administration and are looking to exit via a CVA just like Port Vale.