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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...

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  • The Journalist

    Writer: pompeyrug Mail feedback, articles or suggestions

    Date:Thursday September 2 2010

    Time: 9:51AM

    Your Comments

    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
    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
    nothing much to say here is there?
    jim4pompey
    I can't help but wonder if Rob Lloyd is involved with this somehow....anyone else think so?
    Squee
    Just get it sorted!! Rob Lloyd has lost all credibility with the club/administrators.
    eastneydave
    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
    Don't trust Chainrai Fatbloke? I don't trust ANYBODY anymore. And PFC are responsible.......
    gandor1
    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
    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
    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
    Would be utter madness to use loans to run the club thats why we're in this **** in the first place.
    Steve C
    problem is where do you find equity to the tune of £30m
    jim4pompey
     

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