Pompey wait as Chainrai returns

Portsmouth's future could become clearer on Friday after former owner Balram Chainrai re-entered the running to buy back the club.

Last Updated: 23/08/12 at 13:45

Chainrai: Hoping to complete Pompey takeover

Chainrai: Hoping to complete Pompey takeover

More of the games that matter

Upgrade in minutes or watch with a NOW TV Day Pass.

Just eight days ago, Chainrai's company Portpin announced their interest in Pompey, who remain in administration and in danger of liquidation, was at an end.

Their decision appeared to pave the way for fans' group the Pompey Supporters' Trust, backed by a loan from the local council, to complete their rescue of the club.

Yet Hong Kong businessman Chainrai remains Portsmouth's biggest creditor and, having expressed doubts about the viability of the PST's bid, he has now submitted a fresh offer to administrator Trevor Birch.

And according to Birch, the PST will submit their latest bid on Friday.

Birch said: "Portpin has submitted a new offer and we are now reviewing it.

"We have been working with the Trust since Portpin's original offer was withdrawn and understand that the Trust is on track to submit a business plan and revised offer tomorrow.

"We will assess its bid once it has been submitted and will then determine which offer provides the best deal for creditors, as is our duty as court appointed administrators."

Chainrai hopes to clinch his takeover of the club within the next fortnight. The PST has urged him to negotiate with them over the value of the club's stadium, Fratton Park.

That remained a sticking point, and now Chainrai and Portpin are confident of reclaiming control of the troubled club, averting possible closure.

If Portpin proceed, and have the backing of Birch, they could scupper the supporters' hopes of bringing the former Premier League club under their own control.

A statement from Portpin on Wednesday night said: "After many discussions with the related parties, including amongst others, the administrator, the Football League, the PFA, and officials from Portsmouth City Council, Portpin Ltd announces that it has decided to take action in order to avoid the imminent liquidation of Portsmouth FC.

"Portpin's offer will be in much the same form as previously with the club's current CVA being honoured and football creditors being settled in accordance with current agreements.

"Under Football League rules, the satisfactory treatment of football creditor obligations is critical to the financial eco-system of all members of the Football League.

"Although Portpin positively viewed takeover interest by the Portsmouth Supporters Trust, we understood from the administrator that the terms offered by PST were problematic in two areas - the further reduction in football creditor debt to £2million and the uncertainty of the committed capital raised and held in escrow to both fund the takeover of the business and to provide guarantees for the next three years' cash flow.

"We hope to finalise this transaction in the next two weeks.

"Portpin is taking this step to save the club and will look to continue to work with interested parties - including the Portsmouth Supporters Trust - to ensure that the club will have a sound business foundation to enable it to remain financially over the long term.

"We hope everybody including the huge fan base will support this saving process."

When Portpin pulled out initially, Chainrai listed a number of reasons behind his decision, most notably a lack of support and co-operation from administrator PKF and other involved parties.

More of the games that matter

Upgrade in minutes or watch with a NOW TV Day Pass.

Related News

Most Commented

Readers' Comments

O

ne of the conclusions from this list is that Man City should never buy a striker in January - good luck Wilfried Bony....

Savinator
F365's Top Ten Worst January Panic Buys

I

was there, it was embarrassing - the team looked totally unbalanced from the off, the defence was woeful and when Mikel came off injured it got even worse with nobody in front of them. Up front on several occasions we had opportunities and nobody would shoot - it was a complete farse! On the back of Salah's performance I'm glad there is talk of getting shot...

Fly1ngh1gh
Cup defeat shames Mourinho

G

reat to see Tommy Rosicky getting some love. A wonderful player. Such a pity we lost so long to injury. I was so excited when we signed him, this resurgence only makes the absences seem more of a lost opportunity.

cheshire-gooner
16 Conclusions: FA Cup Fourth Round Weekend

Footer 365

Copa del Rey: Luis Enrqique says Neymar had to be substituted against Atletico Madrid to prevent injury

Luis Enrique says he had to substitute Neymar to prevent him from being injured in an ugly cup tie with Atletico.

Capital One Cup: Tottenham boss Mauricio Pochettino pleased to overcome challenging tie with Sheffield United

Mauricio Pochettino dedicated Tottenham's Capital One Cup semi-final triumph over Sheffield United to the fans.

Capital One Cup: Nigel Clough praises battling Sheffield United after Tottenham reach final

Nigel Clough was left to ponder what might have been after Spurs dashed Sheffield United's Capital One Cup final dreams.

Mail Box

Erm... Balotelli To QPR..?

It's an afternoon Mailbox that offers the reaction to the reaction, with a defence for Diego Costa offered, and Balotelli mooted to move to QPR. Plus a silly idea about the Mails...

'Diego Costa Is A Thug.' Sore Losers..?

There is plenty of fallout from Diego Costa's stamps of authority on Tuesday's League Cup semi-final. Plus Blatter, Rodgers' substitutions and stretching the transfer truth...

© 2015 Sky Ltd. All Rights Reserved A Sky Sports Digital Media company