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"We have been working with the Trust since Portpin's original offer was withdrawn and understand that the Trust is on track to submit a business plan and revised offer tomorrow.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

S

hould have stayed because we carried him for 6.5 years. And then he has a breakthrough season, and was gone soon after. MU fans, you would be as disgusted had C Ronaldo left in 2007 and not 2009.

godof86
Is Van Persie Slipping Sadly Into The Night?

G

ood grief. Someone guessed that the form English player at the moment might be in his national side with some other players? And that's espionage? Now if they discovered that Emile Heskey was going to be in the starting line up.... at right back.... THAT would be espionage. Give it a rest Roy.

RogerRedHat
Hodgson hits out at Kane leak

H

e may get away with if Liverpool can swap the video with one of Skrtel dancing or something, but if they review the one shown on TV he's screwed.

hump3.
Skrtel denies violent conduct

Footer 365

Italy 1-1 England: Andros Townsend equaliser keeps Roy Hodgson's side unbeaten this season

Substitute Andros Townsend rescued England's unbeaten post-World Cup record as his late goal in Turin earned a 1-1 draw.

Jack Wilshere, Mikel Arteta and Mathieu Debuchy step up Arsenal comebacks

Jack Wilshere scored as he stepped up his comeback from injury against a Brentford XI at Arsenal's training ground on Tuesday.

England's Andros Townsend happy to silence critics with equaliser in Italy

Andros Townsend was delighted to repay Roy Hodgson's faith with the equalising goal as England drew in Italy on Tuesday.

Mail Box

Why Do Arsenal Have So Many 'Internet Warriors'?

The Mailbox has an open letter from Liverpool's Raheem Sterling, questions Phil Jones' bulldog spirit and asks: "Why do Arsenal have so many "internet warriors?"

It's All Just A Ruse By The 'Southern Press'...

A varied Tuesday morning Mailbox, with thoughts on the England U21s, a Sterling ruse, Kane realism, Wenger coaching youth and enjoying the charity match...

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