Portpin suspend Pompey bid

Portpin has suspended its bid to buy Portsmouth and has warned there is a "very real risk" of the club being liquidated.

Last Updated: 09/11/12 at 13:04 Post Comment

Latest Articles

Transfer news: Hull goalkeeper Mark Oxley joins Hibernian on six-month loan

Post comment

Goalkeeper Mark Oxley has agreed to join Scottish Championship side Hibernian on a six-month loan from Hull City.

Transfer news: Stoke manager Mark Hughes still wants to sign Oussama Assaidi from Liverpool

Post comment

Stoke City manager Mark Hughes insists he has not given up on his bid to sign Liverpool winger Oussama Assaidi.

All Articles

Portsmouth: Portpin claim there is '

Portsmouth: Portpin claim there is '

Portpin has suspended its bid to buy Portsmouth and has warned there is a "very real risk" of the npower League One club being liquidated unless there is a resolution soon.

The largest creditor in the Portsmouth Football Club (2010) administration have held discussions over a sale and purchase agreement with administrators PKF which it claims is "ready to complete within a matter of days".

Trevor Birch, of administrators PKF, withdrew preferred bidder status from Portpin three weeks ago and named the Portsmouth Supporters' Trust (PST) as the preferred bidders.

However, the PST has yet to finalise its business plan and bid documentation to be reviewed by the Football League, with Portpin subsequently feeling its attempts to pursue a bid are not now worthwhile.

Portpin chairman and Hong Kong-based businessman Balram Chainrai also feels the recent departure of manager Michael Appleton to Blackpool was down to the club's future still not being resolved.

He said in a statement: "I believe there is a very real risk Portsmouth Football Club will end up being liquidated despite our best efforts to proceed, which are being knocked back at every turn by PKF.

"Sadly we feel the administrators are deliberately driving events in this direction so until there is a clear resolution from the Football League regarding the PST bid, we have no option other than to suspend our offer.

"We are in a position to pay football creditors in full, provide the financial guarantees and a multi-million pound funding facility as required by the Football League through to June 2016, and could complete the purchase of the club in the next few days.

"But none of this can happen until there is a clear decision from the Football League on whether or not to approve the PST bid."

Administrators PKF declined to comment when contacted by Press Association Sport.


Click here for completely free £10 bet with Sky Bet & £5 free every week


Football365 Facebook Fan Page

The Football365 fan page is a great place to meet like minded people, have football related discussions and make new friends.

Footer 365

Premier League: Manchester United's Juan Mata backs Louis van Gaal's winning mentality

Juan Mata has hailed Louis van Gaal and believes that the Dutchman will bring a winning mentality to Manchester United.

Transfer news: Arsenal boss Arsene Wenger prepared to take gamble on Calum Chambers

Arsene Wenger admits signing Calum Chambers from Southampton is somewhat of a gamble, but one he believes will pay off.

Friendly: Raheem Sterling earns Liverpool 1-0 pre-season win over Olympiakos in Chicago

Raheem Sterling scored a lone early goal as Liverpool beat Olympiakos 1-0 in Chicago in the International Champions Cup.

Mail Box

Reasons To Believe That Van Gaal Will Be The Best

Some supporters sound oh so confident on Louis Van Gaal's excellence. Plus thoughts on shirt sales, best signings, football sevens and a good deal more besides...

Are Pre-Season Tours Really A Problem?

Are pre-season tours really a problem? Liverpool went to Australia last summer and it didn't prevent them from having a good season. Plus, thoughts on LvG and keepers...

© 2014 British Sky Broadcasting Ltd. All Rights Reserved A Sky Sports Digital Media property