Date:Tuesday June 12 2012
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!
Vital Pompey on: Vital Pompey on:
Date:Tuesday June 12 2012
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