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Birch confirms Pompey interest

Birch confirms Pompey interest

It has been confirmed today, in The News, by Trevor Birch that he is 'in discussions with two interested parties' about the latest takeover of Portsmouth Football Club.

One of these has been confirmed as Balram Chainrai.

Birch said: 'we are in discussions with two interested parties, one of which is Balram Chainrai.

'Chainrai's representatives publicly stated at the creditors' meeting that they would not allow the club to be liquidated and we have since met with them to gauge their interest.'

As far as a 'solid bid on the table goes' this has not been forthcoming...

Time is of the essence for Pompey, as we know, so any genuine interest needs to come ASAP: 'there is no solid bid on the table from either party at present but we are trying to find an appropriate deal structure that works within the time frame.

'We are also talking to our contacts in the market to encourage any other potential bidders to come forward immediately.'

The identity of the second 'interested party' that Birch refers to is unknown although it is not The Trust's fans buyout...

My understanding, at least a week or so ago, was that The Trust were the furthest advanced in terms of progress being made towards a takeover proposal with areas of due diligence being undertaken that no others had?

I remain quietly optimistic that this club will live on though.

I will not really go over 'old ground' once more about thoughts on Chainrai though - what I would say though is I sincerely hope that the proposed fans takeover can be the one that shines through as, for me, this is the one that gives us the best chance of a 'long-term' future.

My fears are that if the fans do not gain control of this club - and I cannot see us having a better chance - we will continue to go round in circles, particularly if Chainrai returns, and end up back in this very same position not too far down this line, only that time could there really could be no way out...

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Writer:pompeyrug
Date:Wednesday May 9 2012
Time: 11:44AM

Comments

0
Have to sat Rug, not sure I believe anything TB says anymore. The plan seems to change daily with interested parties in and then out and then new ones etc. Well he has until the 31st May which is when the FL meet. Without a plan they will throw Pompey out on the basis of no guarantee of fulfilment of fixtures. If he is playing the brinkmanship game then he needs to be careful as that date is only 3 weeks away.
bluedr
09/05/2012 13:52:00
0
If he's not in talks with the Trust, then presumably the Trust's not met their target of investment. Any news on that front?
PFCblue
09/05/2012 15:28:00
0
i know that i would sooner have birch as the administrator than admin andy though bluedr, wouldn't you?
i am pretty sure we will carry on, but if not at least this time we will find out that we will not and will not be strung along anymore i guess...
pompeyrug
09/05/2012 15:53:00
0
as far as i am awareblue the trust have not yet submitted their takeover bid, this is why they were asking for another 1000 pledges in 2-weeks. these pledges would, i think, make it almost spot on what they needed for their proposal to go forward and my hunch is that if x-amount was raised by the fans then another x-amount would be put in by wealthier fans/businesses?
if this target falls short, again my hunch is that the takeover approach will still be made if it is a seriously viable option...
lets remember NO ONE, not even chainrai, has submitted a takeover bid yet so the trust are no further behind than him and i 'think' they are further down the line of due dilligence than others?
pompeyrug
09/05/2012 15:55:00
0
1000 people is only £1m. Assume they've got 5000 already then capital will be £6m. To buy, pay cva and invest! How long will that last?
thepompeypaul
12/05/2012 19:12:00
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