Good news for Pompey

There is good news for League One outfit Portsmouth as they move a step closer to coming out of administration.

Last Updated: 25/06/12 at 17:52 Post Comment

Portsmouth: Light at the end of tunnel

Portsmouth: Light at the end of tunnel

Portsmouth have moved a step closer to coming out of administration after the club's creditors voted in favour of Balram Chainrai's Company Voluntary Arrangement proposal at a meeting at Fratton Park on Monday.

Former Pompey owner Chainrai, who is personally owed millions of pounds by the club, now has 28 days to begin the process and bring Portsmouth out of administration.

However, the decision does not mean the end of the line for the Pompey Supporters' Trust (PST), who had submitted a rival offer.

If Chainrai takes over, the PST can do a deal with him directly to buy the club.

Alternatively, if the PST put together a better bid within the 28 days, then administrator Trevor Birch can choose them to take the club forward, irrespective of the creditors' decision.

Birch, a partner at PKF accountants & business advisers and joint administrator of Portsmouth Football Club, said via a statement on the club's official website, portsmouthfc.co.uk: "Today's decision is another important milestone for Portsmouth and takes the club a significant step closer towards leaving administration.

"We are beginning to see light at the end of what has, at times, been a very long and dark tunnel. This is, however, still dependent on restructuring the player cost base, which is a condition of both the existing offers.

"As well as securing approval of the CVA, we have also agreed modifications that will enable us to enter negotiations with other interested parties.

"As a result, we plan to meet with the Pompey Supporters' Trust, which submitted an indicative offer for the club last Friday, in the next few days in order to discuss its bid.

"The shareholders have also approved the CVA.

"My PKF colleagues and I would like to thank the creditors, not only for their support today but also for their patience and understanding during the last few months.

"Portsmouth Football Club needs stability - it is the least that fans, players and staff deserve after their unwavering support in very difficult circumstances.

"There are still plenty of obstacles, and much work to do, but the approval of the CVA and the modification to the proposals means that progress is being made towards achieving this objective."

Portsmouth are currently in the region of £60million in debt after previous owners Convers Sports Initiatives went into administration.

Related News

Most Commented

Readers' Comments

S

till reckon Chelsea will go for Khedira as back up for Matic. I think it will turn out to be quite a Mourihno-y window: We'll see the squad players and youth in action pre-season, say things like well, we need not buy anybody and then the club will bid £60m for Pogba and send everybody on loan.

tk421
F365's Transfer Guide - Part One

I

would love to be a fly on the wall at the meeting between Milner and Rodgers. I don't know if flies can count, but if they can then I would be counting the number of times Rodgers used the word outstanding in his attempts to get Milner to sign.

godzilla
Reds and Arsenal chase Milner

W

ell, it wouldn't be a summer without Arsenal fans fretting over losing a key player, and United throwing their weight around and muscling in on transfer deals which are (apparently) near to completion. If we can't be entertained by the football on the pitch, let's enjoy the silly off-pitch soap opera of the transfer season. Hurrah!

CamberleyGooner
The Back To It Gossip

Footer 365

Gundogan yet to make decision on future

Borussia Dortmund midfielder Ilkay Gundogan could yet join Manchester United this summer, according to a report from Germany.

Liverpool close in on Milner - Report

Want-away Man City midfielder James Milner could be announced as a Liverpool player by the end of the week, according to reports.

Atleti, Arsenal and Liverpool target Vietto

Villarreal are reportedly attempting to renegotiate Luciano Vietto's contract to ward off interest from Atletico Madrid, Arsenal and Liverpool.

Mail Box

Calling Carlo For Liverpool... Please

One Liverpool Mailer wants a manager who isn't starstruck by the job. Plus why Milner has now become overrated, play-offs for the title, Ronaldinho and democracy..

James Milner: Jose's Perfect Player?

Probably. But presumably he would not swap one bench for another. We have mails on over-hyped players, Arsenal enthusiasm, UEFA, FIFA and naked dudes...

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