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The battle is on

Within a week it is 'hoped' that The PST will be able to 'table' its bid to take control of Portsmouth Football Club.

Balram Chainrai has played his hand, Portpin offered the creditors 2p in the pound last week, although PST spokesman Scott McLachlan - as he told BBC South Today - is hopeful that The PST's rival bid can be presented to creditors to vote on when they meet at Fratton on June 25th.

The continuing major issue is the high wage bill that Pompey has but with Chainrai's CVA offer 'less than expected' The PST is ready to strike: 'we saw the offer and it was less than we expected.

'We now have a platform to work from and we hope we can offer better than 2p in the pound.

'But the major issue is still how to sustain the 10m wage bill the club will currently have in League One.'

How do you cut a wage bill like we have, that is the major question?

It is also one that I am not sure how to answer as far too many will be happy to continue to ride that gravy train for another season!

A couple more players, at least, will move on I am sure but will it be enough?

Some of the bigger earners, who I cannot see attracting much interest - especially on the money they are on! - will be happy to see out the final year of their contracts.

Is a plan that is proposed taking into account such a scenario?

You would hope the answer to that is yes but how this is sustainable, like I say, I have no idea but I think we just have to have faith that The PST's proposal is a realistically sustainable one.

The key thing to remember is this is NOT just a small group sitting around a table deciding things, they have painstakingly involved professional people to help and advice them. Nor will it be these PST board members making the decisions in the PFC boardroom, again professional people with the qualifications needed will be put in place to do this!

If you have not 'backed the bid' yet you still can...

A target of 1000 pledges since the start of last month was targeted, sadly this has fallen short but 'around 800' have still come in. Also pledged are some pledges from 'high net worth individuals' who, it is said, have - between 5 of them - pledged over 1m.

Another factor to take into account is that not necessarily each pledge put forward is just for 1,000, maybe a number will not be rivalling the amounts put forward by those 5 to make up 1m but a good few 'probably' have pledged more than a grand each...

McLachlan added: 'it's been difficult to attract 'high net worth individuals', but people will not fritter their money away.

'Portpin want to take money out of the club, we want to reinvest it back in.'

Getting that wage bill down remains a key issue for whatever bid can come in though...

I continue to maintain my views that the club has a better chance of a sustainable future under a fan backed ownership, so fingers crossed this can come off - my initial 100 has long since been pledged, if the takeover bid goes in so long as it is a definite long-term 'viable' option then the other 900 will be put down.

It saddens, and amazes me, that people continue to think that Chainrai is a 'better' and 'preferred' option to run this club over a fan driven one, remember it might be a fan driven one but it is done with 'professional people' put in place...

PLAY UP POMPEY!

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The Journalist

Writer: pompeyrug Mail feedback, articles or suggestions

Date:Tuesday June 12 2012

Time: 9:23AM

Your Comments

I am really in two minds over the future ownership of Pompey: One side there is the possible take over by BC I do not trust him and am not entirely convinced his intentions are honourable, however he does have considerable financial backing and as we all know any football club takes quite a bit of initial investment especially when there is no team to speak of. The other side is the PST which my heart loves the thought of! a true community club with none of the big business men trying to make a fast buck whilst shafting the club and us supporters, however I am yet to be convinced that if PST won the bid for the club they could maintain the day to day running of the club without getting into serious financial trouble. I believe the only way the PST could succeed is if a major player with the financial backing of seven or eight figure sums would join. Whatever the outcome I will continue to attend FP and support whatever Pompey team is presented. PUP I heard a bit of a rumour that there is another buyer in waiting, to purchase the club from Chanrai after it comes out of admin.
khodgkins
I too would like to see the Trust take control but feel that their Financial backing is not going to suffice to keep the club going long term. HMRC have today rejected the CVA proposals for Rangers and will do for Pompey as well. What is the percentage of takers needed at the creditors meeting for a proposal to be accepted?
bluedr
I too would like to see the Trust take control but feel that their Financial backing is not going to suffice to keep the club going long term. HMRC have today rejected the CVA proposals for Rangers and will do for Pompey as well. What is the percentage of takers needed at the creditors meeting for a proposal to be accepted?
bluedr
Firstly I must state that the PST bid is Professional, not a group of cloth capped fans with a few pennies to throw away. If the Trust needed help they went out and got it from the right sources - locallly based experts, legal, accounting and insolvency. The fans bid grew more credible when Portpin announced 2p in the pound and now we must all back it in some way either monetary or otherwise.

Not surprised that Chainrai would take us out of Admin and then sell at a profit!!
eastneydave
I share the concerns about whether the Trust have enough financial backing to make the club work, but I feel that its the only real chance the club has - and it reflects the desperate straits we are in. So good luck to the Trust's bid and lets jump in at the deep end and hope we can all swim!
tracyc
 

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