Former owner Balram Chainrai in bid to buy back Portsmouth

 

Portsmouth's former owner Balram Chainrai has made an offer to buy back the stricken club.

The offer, from Chainrai's company Portpin, is the only one Pompey's administrators PKF have received but, if it is accepted by creditors, the club could be out of administration within six weeks.

Administrator Trevor Birch said: "PKF has not received bids from any other potential buyers and we do not expect any new bidders to emerge before the club runs out of money.

"We've made it clear from the start that a new owner would need to demonstrate that it cannot only fund a Company Voluntary Agreement that is acceptable to creditors, but also cover the club's ongoing operating losses.

"Only Portpin has been able to give us the necessary assurances that the funding will be in place. This is important because at some stage it will have to give The Football League those assurances too.

"Portpin has made an offer to buy the club. The offer will form the basis of a proposal for a CVA that, in the circumstances, is likely to give the best possible deal for creditors of Portsmouth Football Club (2010) Ltd and provide the most realistic opportunity for protecting the club's financial position going forward and avoid liquidation.

"We are aiming to send details of the proposed CVA to creditors next week. Creditors will then get an opportunity to vote on the proposals at a meeting to be scheduled for early June. If the CVA is accepted, it will pave the way for Portpin to acquire the club by early July."

Hong Kong-based businessman Chainrai sold Pompey to Convers Sports Initiatives in June 2011.

But CSI went into administration in November and the club followed suit in February, leading to a 10-point deduction which eventually saw them relegated to npower League One at the end of this season.

Fans' group the Portsmouth Supporters' Trust also want to rescue the club but Birch said they do not yet have the funds to make a bid.

Chainrai, who is owed an estimated £19million by Portsmouth, recently admitted he would only take control of the club again as a last resort to prevent them from going bust.

Today he said: "I always said I would not let the club be liquidated.

"I'm a businessman but I realise that the club will only have value if it is successful.

"I now want to turn things around at Portsmouth Football Club and see the club regain its rightful position. The success of this goal can only be achieved if all parties with a vested interest in the club's business work together.

"Let's not be under any illusions, though. We are planning to take on a club with severe financial problems that cannot be fixed overnight.

"I don't have a magic wand but many important elements - a proud history, passionate supporters and one of the country's top managers - are already in place and provide a strong platform on which we hope to build stability.

"We will work with The Football League and the PFA over the next couple of weeks to demonstrate our commitment to securing a brighter and stable future for Portsmouth Football Club."

PA

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