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Club statement on administration route

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

Comments

0
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
23/02/2010 17:01:00
0
I must say I'm quite relaxed about this - I view it as a positive step forward
UKTony
23/02/2010 17:01:00
0
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
23/02/2010 17:04:00
0
Good, we're already pretty much relegated anyway, at least this way we'll have a club to support next season.
SUAC51
23/02/2010 17:10:00
0
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@
23/02/2010 17:15:00
0
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
23/02/2010 17:23:00
0
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
23/02/2010 17:27:00
0
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 fĂșck us right over. definately get pts deducted this year but what about next?
Super Bock 1898
23/02/2010 17:32:00
0
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
23/02/2010 17:38:00
0
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
23/02/2010 17:41:00
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