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Club statement on administration route

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!

Club Statement

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."

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Writer: pompeyrug

Date:Tuesday February 23 2010

Time: 4:50PM

Your Comments

Absolutely not what I wanted to hear, but how wonderful is it to hear it from the man himself (alright then his spokesman - but you get my drift) who has had the guts to standup and tell it to us it as it is. And on the Pompey site, instead of some skanky media rag. On his showing so far, I wish he was staying. He seems a credible business man who we could be proud of.

Gandor1

I must say I'm quite relaxed about this - I view it as a positive step forward

UKTony

Absolutely what I wanted to hear, it's by far the lesser of two evils, and the chances of results keeping us up are also now very unlikely anyway.

Tantona

Good, we're already pretty much relegated anyway, at least this way we'll have a club to support next season.

SUAC51

just a class guy, every step of the way, i don't think Chanrai's put a foot wrong in my opinion, he knows how to conduct business he knows when to release statements and where too, and even though its a terrible thing to have to happen to the club it does have to happen to ensure we survive. and the fact that he's prepared to fund admin and keep the club running even when he doesn't really want to be part of the club just says so much about the guy. but and its a pretty big one i feel so, so sorry for all the local businesses, this couldn't have happened at a worse time for them and they are the ones that will suffer if this does go ahead, i can only hope that they get at least some of the money owned to them and that they can keep afloat.

pompeym@

i agree tony, as much as i would be deeply saddened by the loss so many decent and honest people would feel as a result of going into admin this is MUCH better than going back to court and trying to 'slug it out' o'hara/brown style in a battle we would not win - the club lives on and i am SURE that someone will bring us out of admin as we are a very attractive proposition to someone, just not saddled with all the debt we have...

pompeyrug

Now lets find a way of convincing him he always wanted to own a club and stay on for years, he's the first decent thing that happened to us in a decade.

Midge

as long as the ground doesnt get swallowed up in this admin deal, do we get to keep it? At least this guy seems to want it sorted asap not like the tea towel headed brigade, still think gaydamak fúck us right over. definately get pts deducted this year but what about next?

Super Bock 1898

best news ive heard for a long time if ever a club deserved to stay in the league its pompey , best of luck for the future and hope to see you back where you belong, in the premeirship very soon

cornish gooner

It's the best way to go. Pompey will be much cheaper to buy for any new owner. A clean slate next season. Jackanory will be gone (hopefully). And don't forget, we could be only 180 minutes from another European Tours (fingers crossed and based on facing Clelsea in final)

yellowcheesemonkey

ah, but we are not done yet 'the greatest escape in the history of greatest ever escapes in the history of the world of greatest ever escapes ever!' EVER is on...
altho relegation, administration and an fa cup final appearances against chelski and an assured european tour would do me fine :-)

pompeyrug

9 point deduction leaves us wih 7 points and 12 games 10 wins and draw gives us 38 points.. we stay up, wipe the creditor slate, and win the cup...perfect

plymouth graham

Ah Rug, just to get past Birmingham and sing the Wembley songs (at embley o course) will do for me. By the by, have been hobnobbing with the great and the good. If Wembley calls, I have been promised two seats in one of the posh hospitality boxes.

Gandor1

Rug, be honest now it wouldn't be a complete waste of time; haven't we all wanted to get a taxman/ VAT man by the scruff of his neck and give him a couple of Michael Browns!

russellm

Actually I'm relieved. The club will live on - even if we get relegated and take a points deduction next year! It is awful that business will lose out and club staff will probably lose their jobs, but I can't see that this wasn't going to happen anyway. The words 'the winding up order is suspended' are beautiful words. One question - is there any prospect of the Supporters Trust buying the club out of administration? As a championship side we could probably afford to rent FP from Chanrai.

tracyc

Does that mean we'll have Ipswich fans in the area?..... sorry, it's just me and the extent I hate my in-laws. I'd rather see the in-laws than see the back of Pompey and that is saying something as anyone who has met my in-laws could confirm.

hammersmithblue

This is good (?) news from an honest man and I echo the sentiments above. I will also dream of the great escape as mentioned by Graham.

PFCblue

FINALLY - at least someone has sense to tell us the bloody truth. I think the feelings of most fans are reflected here in that even though the news is bad, his honesty means so much more, he has my respect big type, does Mr Chainrai. Only a moron would buy the club right now, when they can get a much better deal next week after administration. Things are looking up.

PFCGino

Surely the Amdinistrators will have to be able to run the club with the funds available? How are they going to pay wages? They won't have the money to pay off player contracts, so the players just don't get paid? The club is operating insolvently. Home games can get a small amount of revenue in the door - about 7,000 home tickets for sale for the remaining games... not enough to pay James and/or Utaka?! If the financial statement submitted to the court shows the club has been run insolvent, then there are many people about to go jail! Is Chanrai in this category? The court could still take action on Monday, if the club has broken the law - Admin should have come long ago and the debts written off. The future looks bleak.

MorningtonCrescent

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