Vital Football

Chainrai's big week/Lever losing credit rapidly

Chainrai's big week/Lever losing credit rapidly

I think that we all know that, what was it, 15th September was the date when Balram Chainrai's return as the new owner of Pompey would be confirmed, with a meeting with the football league taking place a week prior.

Well, The Guardian does not tell us anything different really, although it does 'seem' to confirm though thoughts: 'Balram Chainrai's proposed takeover of Portsmouth could take a decisive step next week when a meeting of the Football League board will decide next Thursday whether to ratify the Hong Kong businessman again taking control of the club.'

So, this fits in with what we have been told was 'meant' to be the case anyway...

The chances of Tom Lever, who many have had doubts about from the off, managing to takeover appear to be fading though - which, speaking for myself, are not a bad thing if this continues to fade as I do not want this!

Doubts over finances, and the 'possible' involvement of his father, who was declared bankrupt earlier this year with debts of £3m - including, according to The Telegraph, £120,000 to a spread betting firm! - have also surfaced.

He, Tom Lever, insisted that was not the case although putting 'any of his own money' in is not something he would do, he would finance the deal on a 'competitive rate' loan financing it by 'who and what he knows': 'the financing deal will be in the best interest of the club. It will be a loan at a very competitive rate that the club can afford.

'I am not going to talk about my personal wealth or what I might put in, but I have been able to put this financing together because of who I know and what I know.'

Thanks but no thanks Tom!

Whilst it is highly unlikely that many, if any, owners - with us or otherwise - are actually 'putting their own money in' these days, the last thing we can afford to do is to allow debts to rack up, and it seems that this is exactly what would happen here, money spent - and I guess a decent amount would be, with talks of 'a new ground' again spoken off - would just build up debt once again.

The more I read, and hear about Tom Lever, the less I like the idea of this takeover and have to say I do not really want to 'give him the chance' that it has been asked we should - as soon as I heard the words 'bridging loan' from the off this turned me off completely. Further reports since have done little to change my mind.

If we want a complete and utter déjà vu of recent events at Fratton then Tom Lever is exactly the man we would need I reckon, so again I say thanks but no thanks...

PLAY UP POMPEY!

  • Click here to make your prediction: Pompey v Ipswich.

    Join the Vital Pompey Debate

    Trust

  • Frippy's Virtual Bookies - latest update and place your bets!

  • Writer:pompeyrug
    Date:Thursday September 2 2010
    Time: 9:51AM

    Comments

    0
    Lever is a "LEVERaged" buyout- sorry but couldn't help myself. The club will end up with enourmous debt against the ground and future TV revenue. I cant see any financial institution lending on such a risk at a low rate premium- high risk commercial ranges from 12-17% at the moment. However, this is the most common method of sports club transactions. Chan may do something similar but he already has a £14-17M stake.
    russellm
    02/09/2010 10:30:00
    0
    well in that case tom I will go and buy the bloody club - I also have no money but hey ho, its only a football club right? please can one of us win the euromillions and fund it lol.
    pompey--pessimist
    02/09/2010 11:20:00
    0
    nothing much to say here is there?
    jim4pompey
    02/09/2010 11:52:00
    0
    I can't help but wonder if Rob Lloyd is involved with this somehow....anyone else think so?
    Squee
    02/09/2010 13:36:00
    0
    Just get it sorted!! Rob Lloyd has lost all credibility with the club/administrators.
    eastneydave
    02/09/2010 13:50:00
    0
    What's the difference..if we stick with Chainrai we will have debts if we go with Tom Lever we will end up with debts. All I know is I don't trust Chainrai one bit but I don't know enough about any plans that Lever has...so for now I will reserve judgement.
    fatbloke
    02/09/2010 14:00:00
    0
    Don't trust Chainrai Fatbloke? I don't trust ANYBODY anymore. And PFC are responsible.......
    gandor1
    02/09/2010 17:17:00
    0
    I haven't come across any potential new owner that I trust. Lloyd absolutely not - Lever not at all - Chanrai - not very much - Mandaric - almost. As for Lever this young whippersnapper comes in with talk of all his weath and wants to put the club straight back in the red again. Perhaps he doesn't know what has happened recently, I don't suppose he does know much about Pompey really.
    tracyc
    02/09/2010 18:46:00
    0
    This Tom Lever is a student?! FFS when I was a student I had to take out a loan to buy a round of drinks in the pub! Never mind a football club. Go away little boy and find another toy to play with.
    tracyc
    02/09/2010 19:09:00
    0
    Anuyone heard any more of Mandaric - wasnt he disposing of leicester this week? And a few more stories are having this kids as being quite serious in his approach. In the end if it's big enough Chanrai might take the money as a creditor. Personally I'd hate to see that happen - seriously hate it! But then again, some MTV kid makes better headlines so perhaps that's allt hey are
    jim4pompey
    02/09/2010 19:19:00
    Page 1/2
    1. 1
    2. 2

    Login to post a comment

    Recent Portsmouth Articles

    Vital Preview - League 2, 25th-26th March 2017

    The 2016-17 season continues with the latest round of games this weekend. This will see us among those involved with three points of course the aim.

    The Newport Low Down

    An article from PompeyFrippy looking ahead to the Newport visit to Fratton Park as Pompey bid to react to the Stevenage defeat, keeping the promotion bid on track.

    Who Serves A Suspension This Week - 24/3/17

    Here's a list of all the players currently serving, or under a suspension at the beginning of the week that will potentially keep them out of contention...

    Eisner ticking the right boxes

    Michael Eisner has moved a step closer to a takeover at Pompey as the American has entered into a 70 day period of exclusivity, the shareholders - aka the fans - will have the final.

    Archived Vital Pompey Articles

    Vital Pompey articles from

    Site Journalists

    pompeyrug
    Editor email
    Profile
    eastneydave
    Editor email
    Profile
    paultsmouth
    no email
    Profile

    Current Poll (see more polls)

    Pompey v Newport?
    Suggested By: pompeyrug
    Pompey win50%
    Draw50%
    Newport win0%
    ScoopDragon Publishing Entire League Network of Sites

    League Table

    # Team P W D L Pts. GD
    1 Doncaster 38 23 9 6 78 31
    2 Plymouth 38 22 6 10 72 18
    3 Portsmouth 38 19 8 11 65 25
    4 Stevenage 38 19 4 15 61 12
    5 Luton 38 15 15 8 60 20
    6 Carlisle 38 15 14 9 59 0
    7 Exeter 38 17 7 14 58 16
    8 Blackpool 38 14 15 9 57 20
    9 Mansfield 38 14 13 11 55 3
    10 Wycombe 38 15 10 13 55 1
    11 Colchester 38 15 9 14 54 3
    12 Cambridge 37 15 8 14 53 6
    13 Grimsby 38 14 9 15 51 -2
    14 Accrington 37 12 12 13 48 -1
    15 Barnet 38 11 15 12 48 -5
    16 Morecambe 38 13 7 18 46 -13
    17 Yeovil 38 10 15 13 45 -9
    18 Crewe 38 11 12 15 45 -11
    19 Crawley 38 12 9 17 45 -16
    20 Notts County 38 12 7 19 43 -23
    21 Hartlepool 38 10 11 17 41 -15
    22 Cheltenham 38 9 12 17 39 -14
    23 Newport 38 7 12 19 33 -20
    24 Leyton Orient 38 9 5 24 32 -26
    Write for Vital Football
    Latest F1 News
    Latest Vital Boxing News
    The Vital Football Members League

    Recent Portsmouth Results (view all)

    Portsmouth Fixtures (view all)

    Mar 25 2017 3:00PM : Newport County (H)
    Sky Bet League Two
    Apr 1 2017 3:00PM : Hartlepool United (a)
    Sky Bet League Two
    Apr 8 2017 3:00PM : Yeovil Town (H)
    Sky Bet League Two
    Apr 14 2017 2:30PM : Plymouth Argyle (H)
    Sky Bet League Two
    Apr 17 2017 3:00PM : Notts County (a)
    Sky Bet League Two
    Apr 22 2017 3:00PM : Cambridge United (H)
    Sky Bet League Two

    Vital Members League Table

    RankNamePoints
    1.pompeyrug69
    2.PompeyFrippy47
    3.storagematt37
    4.Copnor4323
    5.stubbsy00722
    6.FrattonBlue19
    7.eastneydave15
    8.Jimsmithswig15
    9.uspompeyfan13
    10.pompeyweller13
    Vital Football Comment