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Bidder identified, but who?

Bidder identified, but who?

Yep, we have heard it all before but according to Admin Andy and a report on BBC sport (here) the takeover, the latest one, at Pompey is one that he hopes to have done this week...

The 'preferred bidder' has been found 'contracts are in place' with the 'next few days pivotal'.

What the BBC 'understand' though - and what they understand is something I give more backing to than things sky sports generally understand - is that £12m proof of funds is needed and assurances that a further £20m of payments to former owners can be given.

The BBC report said: 'Administrator Andrew Andronikou says he still hopes to complete the sale of Portsmouth by the middle of the week.

'Pompey's parent company, Convers Sport Initiatives entered administration in November, forcing the Championship club to search for new owners.

'A preferred bidder has been identified, contracts are in place and the next few days are pivotal, Andronikou said.

'There is an urgency to complete a deal, as investment is needed if Portsmouth are to meet ongoing running costs.

'BBC South understands any purchaser would need to provide £12m as proof of funds, and assurances they could meet another £20m in repayments to former creditors, Balram Chainrai and Alexandre Gaydamak.

'Only one potential buyer has gone public in the process, Italian-American Joseph Cala.

I think it is fair to say that whoever takes over they are bound to be met with scepticism, that is only fair and they have to expect this!

Should it end up being Joseph Cala then 'sceptical' would be the least of the things that he should expect...

He cannot be viewed as a 'preferred bidder', surely?

His background, and proposals for PFC, are hardly solid are they and getting ourselves out of this permanent hole we have been in for 3-4-years under him is not something you could envisage really is it?

I 'might' go as far as saying that should Cala be the man that is turned to then this could well confirm that PFC is beyond saving with the inevitable outcome being a case of how long, and not if, it will be before it is the end of the road...

Lets just hope that Cala's own thoughts in The News today that he will 'pull out of the deal' if it is not complete by midweek are more an attempted 'face saving' exercise on his part eh and not an indication that this owner could be him!


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Date:Tuesday January 17 2012
Time: 10:32AM


I might be a little naive in the financial comings and goings, but I would of thought the debt to previuos owners should lie with CSI and not Pompey, as it was they who bought us?
17/01/2012 10:51:00
CSI didn't buy outright they where paying off loan installments to Chainrai, I believe
17/01/2012 11:08:00
Tell ya what fellas .. if I don't get an answer by Friday .. I'm pulling out too ..
17/01/2012 11:57:00
Hello chaps. I dont post very much here but I feel its quality rather than quantity. My partener has an 'inside source' that has 'suggested' that the people who 'may' be coming in for the club 'may' be Antanovs business partners. As it was only him that has been tied up in all this, there is a rumour that teh 'other two' have put together a consortium to come in for teh club. I am not sure how true this is but it's a theory from inside the club itself! Discuss!
17/01/2012 12:23:00
I am wondering what negotiations there are left to be had, the CVA is a non negotiable fact. BC ( who must be delighted to once again be funding the club and the daily ear bashing from his wife that comes with that) & SG are secured, the small creditors need to be paid; these are all contract commitments. Pompey is being hived of from CSI as a going concern so current creditors are legally owed there balance. I can only imagine it is future investment or AA is trying to delay to find a credible alternative to Cala
17/01/2012 12:35:00
Or it cld be I suppose the loan repayments to SG & BC
17/01/2012 12:36:00
interesting Phill, very plausible i'd say, but they'd have to have some major backing again cause neither of them have much capital themselves, as far as i know
17/01/2012 14:40:00
Phill, I have had in the back of my mind that any new owners must have some kind of relationship with CSI or Antonov for this to have got to the suggested stage so quickly. I think you might be on to something, time will tell.
17/01/2012 14:55:00
Whilst we let Andy Pandy 'sell' the club you can't help but think we will bounce into another crisis wall!!!
17/01/2012 14:57:00
Like the 'other two' ideal .. but they would need a lot .. as Antonov held 65% of PFC.. Romanov 30% and Chris Ackers 5% .. Still time will tell .. but I still reckon is somebody nobody has ever heard of..
17/01/2012 15:28:00
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