Date:Tuesday February 23 2010
I think we all know by now that going into administration is something that we will now do if a takeover has not taken place by Friday - this statement, below, has been issued on The Pompey Site.
Logically speaking this seems the most likely outcome, clearly interested parties are being pressured further into doing this - I HOPE that someone does this but, again logically thinking, I cannot see they will...
PLAY UP POMPEY!
Businessman Balram Chainrai, the owner of Portsmouth Football Club, has today served notice that the club will go into administration unless new owners can be found by Friday (February 26).
Mr Chainrai and fellow investors from his Portpin investment vehicle are in London to continue talks with representatives of four different groups interested in buying the club, but have had to reluctantly accept that it is now unlikely a deal can be done before a winding-up hearing, due to be heard in the High Court on Monday.
Their spokesman, Phil Hall, said: "There is now only a short window of opportunity for buyers to come in with a credible offer. We have to be realistic and having the club wound up is not an option as far as we are concerned.
"They are the victims of circumstance having injected funds in the form of a short-term loan to the Al Faraj Group, who subsequently invested the money in the club.
"The partners have put £17m of their own money into the club and have a responsibility to ensure Portsmouth Football Club survives.
"Administration would mean the club re-emerging as a healthy financial entity. The club would then become an attractive proposition for a potential buyer who could invest new funds in rebuilding the club's future.
"We would like to ask the fans, the staff and management of Portsmouth Football Club for their support and patience should this step be taken, as they believe it is the only route left open to them.
"The serving of this notice means the winding-up order is automatically suspended. It means the club is safe, it can fulfil its fixtures and as far as is possible it is business as usual.
"Mr Chainrai hopes the supporters will get fully behind the team as usual for their Premier League match at Burnley on Saturday and the following weekend`s FA Cup quarter-final at home to Birmingham.
"Mr Chainrai has agreed to continue funding the club going forward until its long-term future is decided. He will also pay for the administration process out of his own pocket."
Date:Tuesday February 23 2010
#PompeyPredictionsLeague - Update no.20 (Friday December 19 2014)
Cheltenham v Pompey - Thoughts? (Friday December 19 2014)
Tranmere rearranged for Feb (Friday December 19 2014)
Cheltenham v Pompey - early team news (Friday December 19 2014)
On this day in history...19th December (Friday December 19 2014)
An unwanted Christmas present... (Thursday December 18 2014)
Tranmere's visit to Fratton postponed (Thursday December 18 2014)
On this day in history...18th December (Thursday December 18 2014)
On this day in history...17th December (Wednesday December 17 2014)
Robbo looking to stay (Tuesday December 16 2014)
» Tranmere : 19/12/2014 21:49:00
» Southend : 19/12/2014 21:43:00
|#PompeyPredictionsLeague - Update no.20
» Portsmouth : 19/12/2014 20:25:00
|Cheltenham v Pompey - Thoughts?
» Portsmouth : 19/12/2014 20:03:00
|Luton v Newport - Early Team News
» Luton : 19/12/2014 18:05:00