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Cattermole - we are still interested

Cattermole - we are still interested

Not for the first time, both pre and post-admin, Victor Cattermole maintains his 'insistence' that he and his 'Endeavor Plan' are 'still interested in buying Premier League strugglers Portsmouth.'

Talking to sky sports news this time the New Zealander says he could still be keen on taking over, but ONLY after the due diligence that he had always wanted to take place did happen: 'we are still interested in buying Portsmouth.

'We still have to carry out due diligence and see what is owed, what is expected to be paid for it and what the value is going to be once the whole issue of relegation and the nine-point issue is sorted out.'

He feels the chances that he will take us on are 'quite good' and is also under the impression, his own opinion mind, that things are 'not as bad as they might seem' and we are 'quite an affordable business.'

Banking proof that his group could have taken on the clubs debt, and more - albeit not much more, well unless we sorted things out as a 'soundly run' business - is something that he says WAS put to the club before we went into admin, although concluding a deal was NOT something that was ever going to be possible before we went into admin, as, to be fair, he made pretty clear from the off...

He also says, as I think we all know, that admin was the only route would could have taken or it was highly likely that we would have, today in fact, been liquidated: 'we provided evidence of an offer for a bank facility of 200million euros last Tuesday to Mr Peter Storrie.

'That was obviously not disclosed to any of the media.

'We also wrote to them advising that we were strongly opposed to administration but they had a path they were on and it didn't matter what we said, that wasn't going to change.

'We wouldn't have bought it - administration was unfortunately inevitable because we couldn't have carried out due diligence and negotiated prior to the liquidation hearing.

'Sadly, administration was the only option and the revenue department, as late as Friday morning, were adamant that there was nothing that could be negotiated with anyone that would stop them taking their action.

'So unfortunately, because of that, administration was really the only option to save the club.'

Already, and from the off when his interest was revealed a week or so back, there were stories going around about him and Endeavour not exactly being 'above board!'

I think we will find this is going to be the case with anyone showing an interest - the automatic reaction will be to look for the negative, but I guess we have to give them the chance. Although you would HOPE that if there is any doubt about anyone new 'tougher' fit and proper tests, at whatever level, will see we are ok?

I honestly cannot say I know anything about the guy, other than the very briefest of checks I did and that told me little, I am not digging though, I will leave that for others... What I would say is that if there are any 'serious' links with ANYONE that has been involved with Pompey recently I would be 'concerned' though...

UPDATE

Phil Hall, the spokesman for Balram Chainrai had this to say about Cattermole to sky sports news today...

'I don't know enough about Mr Cattermole. He says he is a bona fide bidder for the club and we certainly hope he is.

'The fact is last week, when he mentioned he showed proof of funds, unfortunately they were on a letter from an unrecognised financial institution. We didn't know who they were.

'When we asked for him to produce that proof of funds on a well-known bank headed notepaper, that wasn't forthcoming.

'When we asked to meet Mr Cattermole we were dealing with a 22 or 23-year-old representative, and when we suggested a meeting at his office he said 'I don't have an office, you'll have to come to my dad's home'.

'Forgive us, but it was one which was hard for us to take further at that time.

'I'm not saying that there was an air of unprofessionalism, but because of the mistakes made in the past, Balu is very safe in the knowledge that this time it has to be done properly with a proper bona fide major bank guaranteeing the funds of the individual and then we can take the talks further.'

PLAY UP POMPEY!


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Writer:pompeyrug
Date:Monday March 1 2010
Time: 1:07PM

Comments

0
Read this elsewhere and was pleasantly surprised. But the price has to be right!! Very cheap that means. He will be looking to buy a going concern and we are a long way from that at the moment. Nevertheless good news and we are in a desert of bad news.
eastneydave
01/03/2010 13:25:00
0
I'm trusting AA to 'vet' all would-be purchasers before selling. It wouldn't be in his professional interest to land us back in a quagmire.
PFCblue
01/03/2010 14:50:00
0
Bad news - he's another businessman surrounded by scrutiny in his native country. http://www.nzherald.co.nz/securities-commission/news/article.cfm?o_id=189&objectid=10628994. Of course, Portsmouth don't have anything to do with Saudi arms dealing, skeletal buildings in Dubai falling to the ground or getting evicted from a Catholic girls' boarding school, but none of these owners don't exactly go on to spell a decent future that lasts a year at best. I'm sticking with the Pompey Trust idea.
Lysimachus
01/03/2010 15:37:00
0
i recently asked my daughter to knock me up a photo shop pic of peter storrie and the cast of BBC1's "Husltle" with the headline peter finds new Pompey owner...but Lysimachus's article is funnier-funnysad that is, worst of all i get a good feeling abpout the bloke from what he says in the press about PFC...dear oh dear..
plymouth graham
01/03/2010 15:45:00
0
I loathe to quote from a mystical text, but "It's easier for a camel to go through the eye of a needle, than for a rich man to enter heaven." All rich people are controversial, quite frankly. Even if they haven't a criminal record or any dodgy deals, then they at least don't think of donating the many millions they have to people who could, well, use it. I'm edging closer to the idea of lending my support to AFC Pompey, I've seriously had enough of controversial chairmen in the past few months alone, sickens me to the bone.
Lysimachus
01/03/2010 15:51:00
0
Rug from the ltd info out there I don't think Mr Cattermole is the type to have much truck with the fans trust or PVA; he's more the- my ball my game dictator type. Also it seems to me the the man is clear he is buying a business as opposed to a club and history therefor unless he is simply paying hardball now to get a deal and deep down he really desperately wants to own not just a football but our football club; he may not be an owner to a lot of peoples liking.
russellm
01/03/2010 16:01:00
0
Balu on the other hand impresses by the day
russellm
01/03/2010 17:52:00
0
If, and yes if the courts go in a favour, you have to trust the administrator won't sell to any wannabees hoping to cash in & buy us on the cheap & do little with us. What has come out it seems this Cattermole ain't what we need.
storagematt
01/03/2010 19:36:00
0
Cattermole = Bernie Madoff Mk 2.....with pyramids on.
cornypomp
01/03/2010 20:13:00
0
What is about Pompey that we keep attracting them? I think we've learned lately that we don't just want any new owner - they have to be the right new owner. This story about Cattermole and his representative would be funny if it wasn't so tragic! You couldn't make it up.
tracyc
01/03/2010 20:41:00
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