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The ground is controlled by the club's former owner Balram Chairtai's Portpin company, the largest creditor in the administration process.
Portsmouth FC, which has debts exceeding £60 million, owes Portpin around £20 million, with the company also holding Fratton Park as security.
Another party, P & A, has claimed that Portpin wanted it to control the club's finances until a buyer was found, rather than PKF.
The court hearing will determine whether administrators PKF can sell the ground at the market rate. Previous offers of £2.75 million by the trust have been turned down.
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