Portsmouth - First steps towards salvation?!
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First steps towards salvation?!

I wrote this earlier in the day, but with eastneydave publishing an article on the same theme I decided to hold back for a bit...

It would be foolish to think that Portsmouth Football Club is now '100% saved' but the likelihood that we will almost certainly take our place in the football league, in league one, next season has moved a step closer with the first offer to takeover Pompey coming.

This, as expected, has come from Balram Chainrai.

The following statement was issued on The Pompey Site today...

Portsmouth Football Club Statement
Balram Chainrai's Portpin has proposed terms for a Company Voluntary Arrangement (CVA) that could enable Portsmouth Football Club to exit administration within the next six weeks.

Trevor Birch, a partner at PKF Accountants & business advisers and joint administrator of the club, said: "PKF has not received bids from any other potential buyers and we do not expect any new bidders to emerge before the club runs out of money.

"The Supporters' Trust is working hard to make a proposal but as yet is not in a funded position to make a bid.

"We've made it clear from the start that a new owner would need to demonstrate that it cannot only fund a CVA that is acceptable to creditors, but also cover the club's ongoing operating losses. Only Portpin has been able to give us the necessary assurances that the funding will be in place. This is important because at some stage it will have to give The Football League those assurances too.

"Portpin has made an offer to buy the club. The offer will form the basis of a proposal for a CVA that, in the circumstances, is likely to give the best possible deal for creditors of Portsmouth Football Club (2010) Ltd and provide the most realistic opportunity for protecting the club's financial position going forward and avoid liquidation.

"We are aiming to send details of the proposed CVA to creditors next week. Creditors will then get an opportunity to vote on the proposals at a meeting to be scheduled for early June. If the CVA is accepted, it will pave the way for Portpin to acquire the club by early July.

"However, there is still a lot to do before we get to that stage and we are not taking anything for granted. PKF will now work together with Portpin to finalise the business plan to satisfy The Football League that Portsmouth Football Club has a sustainable long term future. This is still likely to involve further cost-saving measures including player sales and the renegotiation of contracts with the top earners to bring the club's costs in line with the League One average.

"Portpin management and PKF have been working with the manager Michael Appleton to make preparations to ensure that the club is in the best possible position for the season ahead. Portpin has full trust in Michael's ability to be a successful manager.

"Nobody wants to see this much-loved club collapse into either liquidation or administration again so it essential that all parties work together to bring stability back to Fratton Park. It is the least that fans, staff and players deserve after the turbulence of the past few years."

Balram Chainrai, owner of Portpin, said: "I always said I would not let the club be liquidated. I'm a businessman but I realise that the club will only have value if it is successful. I now want to turn things around at Portsmouth Football Club and see the club regain its rightful position. The success of this goal can only be achieved if all parties with a vested interest in the club's business work together.

"Let's not be under any illusions though: we are planning to take on a club with severe financial problems that cannot be fixed overnight. I don't have a magic wand but many important elements - a proud history, passionate supporters and one of the country's top managers - are already in place and provide a strong platform on which we hope to build stability.

"We will work with The Football League and the PFA over the next couple of weeks to demonstrate our commitment to securing a brighter and stable future for Portsmouth Football Club."

All sounds positive, right?

Whilst we are hardly in a position to be too choosy lets just hope that actions can now speak louder than words...

I want Pompey to live on so I would not subscribe to the 'I would sooner we folded than have him return' thoughts, even if I have had some fears this could be the final outcome eventually with his return anyway!

So, although I cannot say that I would be happy to see Chainrai return - as I would not - it does now look like we have a future, whatever that future will be...

This is a move, should it come off, that will clearly fragment the fans at a time we cannot afford this, but what can you do (other than continue to put forward your pledges for a fan buyout! Then again I would say it is 'probably' unlikely his bid would be bettered now?)

Quite clearly, whatever happens, continued players sales - as is outlined - is a must as we are ridiculously top heavy player salary wise so you will not see me getting on his back, or anyone involved in the hierarchy at Fratton, if this continues as needs most definitely must!

Again I will say though that these words sound positive enough but it will be actions, and not words, that he (if he does regain control) will, and rightly so, be judged upon...


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The Journalist

Writer: pompeyrug Mail feedback, articles or suggestions

Date:Friday May 18 2012

Time: 10:41PM

Your Comments (oldest first)

Change to most recent first
I think it was inevitable tbh and if some fans dont like it they don't have to go. The Trust still has neither the money nor the published and in detail buisness plan, for me the latter is critical before I contribute to the former. No one has talked about the competency of the Trusts people to run a club, not that Chan has it but I'm guessing he can buy a man who can. Two different Admin companies have confirmed now that Chan is the only choice at the moment; time to move on. I'm not enamoured by Chan but he has been honest throughout and if the trust is serious it will keep raising money and buy the man out; there isn't another serious option around
Report Abuse
19/05/2012 09:30:00

Reading around some of the other sites Im sort of hoping some of these so called fans don't turn up they clearly can't stand other people having a point of view. Basically cos they aren't happy no one else is allowed to be.
Report Abuse
19/05/2012 10:02:00

I agree with what you've said Russell. BC loaned his money in the first place to save the club from folding at the hands of al mirage. He stated from the off that he had no interest in owning the club but it was forced on him to save the club and his money (I query his acumen as a businessman because al mirage must have misled him into thinking his money was safe). He then sold the club with, presumably, some guarantee as to when his debenture would be repaid. Now to save the club for a third time and to safeguard his money he's taking control again. I don't expect him to pump yet more of his money into the club, but I'll thank him for saving us from extinction again. Only time will tell if Rug's conspiracy theories are correct and BC sells off all but the kitchen sink but a Trust takeover would probably lead to the demise of the club anyway.
Report Abuse
19/05/2012 10:34:00

Russellm - I have totaly the opposit opinion as you probably know.. one thing that is for sure is that BC has not been honest though... its a difference of opinion I accept - I have also seen that people supporting BC have the same views of people that disagree with them please be a little balanced both sides can be equally as bad as each other. I dread to think what will happen to the club under BC personally bearing in mind all the previous. I personally hope the trust raise enough to counter bid. Just my viewpoint.
Report Abuse
19/05/2012 13:16:00

Pompeyweller I was not aiming at any particular side of the argument in respect to fans comments; whilst research tends to show those who accept BC in the short term tend to be a bit more moderate that's not all of em for sure. I find it all very sad. As for BC's business acumen you do have to wonder at the cavalier attitude in his loan but otherwise a substantial personal fortune tends to suggest he knows what he's doing. As for his honesty nobody has proved him otherwise - I don't count made up slander and false statements by anti BC as evidence; even the trust agreed that. Anyway I'm looking forward to the trusts published business plan and seeing the CV's of those they plan to put in place
Report Abuse
19/05/2012 18:18:00


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