Vital Football

Rumours of another bid

Rumours of another bid

Vital Pompey member moley2 spotted the following article in the Daily Telegraph`s City Diary this morning and brought it to our attention

British financier, Brett De Bank, was set on putting the pomp back in Pompey. But his bid for Portsmouth FC was blocked by major creditor Balram Chainrai.

The former Goldman Sachs-banker-turned-venture capitalist has spent the past few weeks in talks with the Hong Kong-based businessman at Park Lane`s InterContinental. Not forgetting the odd meeting held by Chainrai in the casino.

But De Bank, a Portsmouth University graduate and regular at Fratton Park, has walked away from doing a deal with administrators after Chainrai, or Balu as he likes to be called, demanded payment of £16m for the stadium (valued at £5m to £6m) and multi-million pound bonuses.

With liquidation looming, Balu then made a bid to buy the collapsed club out of administration. He`s offered a company voluntary arrangement of 2p in the pound to unsecured creditors, whereas De Bank had proposed more than 7p.
My man in the Pompey shirt said: "Balu refused to take a haircut on his investment. He plans to sell players, buy cheaper ones and run the business on its bare necessities."

Let`s give old Balu the benefit of the doubt. Maybe he`ll invest in the long-term future of the club?

Maybe not.

As his business partner, Levi Kushnir, said: "We would like to be out not later than three years" - just after the last Premier League parachute payment to Portsmouth.

moley2 adds 'I was of the understanding that Trevor Birch was the man who would ultimately make the decision, or has this got something to do with the fact Chainrai is owed the largest amount as a secured creditor?

To me it seems there are much better alternatives to Chainrai's bid but none will get a look in as long as he is still owed money. Levi Kushnir sums it up at the end by basically saying we'll all parachute payments then be on our way! I want to see a brighter future, but after reading this article I'm not sure this will happen for a long time.`

Back to me - It is a very strange article as it would appear to have no source or any quotes - typical broadsheet diary I suppose - but nevertheless very interesting!!

PKF have denied the 2p in the pound for creditors as they say they are still awaiting full details from Portpin. As I asked yesterday - Is it right that he (Chainrai) can vote on his own proposal?

Thanks moley2 and I wish I had time to publish earlier as this now seems to have leaked on to the News via Bob Beech and others. Helps to read these 'alternative` sports press pages such as the South China Morning Post or AccountingWeb to pick up these emerging stories.

If you get anymore interesting snippets in the early morning media let us know please.

News in brief

Olympic bound - Alain Perrin (remember him? - man who unearthed a certain Didier Drogba) has been appointed Qatar manager………keeping it French John Utaka scored twice to seal the French Championat for Montpellier on Sunday……John Aloisi has been appointed boss of Melbourne Heart.

More current team stuff ………Erik is back from Brum and hoping to wrap up a deal back to his native Norway…….Pompey now have no keeper with Ashdown released and Henderson sold - got any gloves?....Kelvin Etuhu seems to be generating more interest from around the leagues but Appy wants to offer him a two year deal….Marko Futacs, the Mighty Magyar, has also been offered a deal on reduced terms (of course).


Click here to join in the debate on the club forum.

Date:Tuesday May 22 2012
Time: 12:51PM

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Nice of Rug to take a break in a quiet week eh!! Hope you have a good break mate - I know he will read this later!
22/05/2012 12:54:00
Cheers for putting the article up Dave. I thought it raised a few interesting points the main one being that we won't see the back of Chanrai until the parachute payments have ran out. Let's hope this isn't the case unless he does actually invest in the club.... Although I can't see it happening. PUP! [Edited by eastneydave]
22/05/2012 16:18:00
moley there was an unfortunate typo in there - not deliberate I am sure which I have corrected.
22/05/2012 17:17:00
Apologies for that, I didn't notice. Now you've corrected it I'm not sure what it was. I'll be more careful with the autocorrect on my iPhone from now. :s
22/05/2012 17:40:00
"Brett de Bank" surely someone is having a joke, C'mon it tranlates as "Brett the Bank", like "Bob the Buider and Thomas the tank Engine"....tut tut
plymouth graham
22/05/2012 18:28:00
Now, I'm one of the people in the 'Chanrai is OK if he keeps the club alive' camp. But ... or should that be BUT . . that is only if he's the last resort and there isn't a better owner option out there. If he gets to scare off potentially better owners then it becomes a completely more sinister thing altogether. Is that what just happened?
22/05/2012 21:00:00
Instead of "does", it read "dies" Moley! I had to read it twice earlier to make sure it was just a typo!
22/05/2012 21:53:00
Crikey! That really could have been read the wrong way. It really was meant to say 'does' I can assure you. Thanks for picking that up Eastneydave.
23/05/2012 12:18:00
My job moley!!
23/05/2012 19:30:00
"My man in the Pompey shirt said:...." nuff said!
23/05/2012 21:44:00
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