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Chainrai's out! Portpin withdraw Pompey bid

Pompey 'are on the brink', as all the headlines will (and probably rightly) say now following Balram Chainrai's decision to pull Portpin's bid to regain control of the club again.

A statement, released to sky sport news, lays the blame at the feet of anyone and everyone bar himself citing 'numerous reasons' why the bid has been withdrawn...

It read: 'Portpin Ltd regrets to announce that it is withdrawing its bid for Portsmouth Football Club.

"Unfortunately, our efforts to save the club once more from extinction have hit a wall of rejection and lacking co-operation from the administrator and other interested parties.

"We are not the ones who have caused the club to collapse and we are not the ones to choose PKF as administrators.

"As history has recorded, we sold the club over a year ago after saving it from liquidation and unfortunately found ourselves again fighting to try and save the club from another liquidation.

"Through this administration process over the last six months we have always had the club's best interest in mind - unlike many parties who were involved in the process.

"We repeatedly encouraged the administrator to find a new, willing and able buyer to take over the club - unfortunately he was unsuccessful in this job and couldn't find a buyer despite his promises!!

"Later he approached us to be his safety net to save the club as he couldn't find a buyer. We agreed in the effort to avoid liquidation of the club.

"At this moment in time, we feel that:

- the negative criticism and lack of support for our takeover by the fans of this club.
- the fact that the administrators do not want to compromise on their unrealistic fees.
- the fact that suddenly the club has received additional huge football creditors' claims from former players and management such as Hughes, Brown, Kanu, and Lampitt and more.
- the fact that all the money from the parachute payment which were supposed to carry the club for the next two seasons was spent and committed by the administrator on players' compromises and fees : total 12million.
- the fact that the Football League has decided to deduct 10 points for no reasonable reason and by its decisions didn't show any willingness to help in saving this troubled club.
- the fact that the supporters' trust which we met and we voiced our support for their takeover bid could not raise the funds to satisfy the administrator or the Football League and the loan that was promised them by the council had unrealistic terms.
- the fact that the club did not get any real support from any official they were all very good at creating headlines.
- and finally the last straw yesterday afternoon the manager told the press before the season starts that he is sure of another relegation.

"All of these facts have left us in a position that we no longer want to fight this battle, we have zero support to save the club therefore we formally withdraw our bid and our honest attempt at saving the club. We will sleep well knowing we did our utmost to save the club.

"We welcome and will assist anyone, including the supporters trust to try and save the club in the coming days.
"

Having to blow 12m on 'compromises and fees' is amazing but just compounds the mess that this club is in and just how poorly financially managed it has been for many a year as that money is by no means just on the players that have left recently! Some of this would be to players that left years ago...

Quite clearly with the parachute payments earmarked elsewhere this meant there was nothing in it for Chainrai so he has 'cut his losses'.

I did not want Chainrai back but of course I do not want us liquidated either, but I maintain my thoughts that this would 'probably' have been the ultimate outcome had Portpin taken over again anyway after we had just trundled along for a year or two.

So, that is that then it is Trust of bust now I guess...

PLAY UP POMPEY!

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The Journalist

Writer: pompeyrug Mail feedback, articles or suggestions

Date:Wednesday August 15 2012

Time: 10:17AM

Your Comments

R.I.P Pompey. I will miss you dearly. I will wait for the phoenix to rise from your ashes in the hope that part of you can live on. This will be a sad and boring year of meaningless football now with no club to support.
sneakay
The PST had their plan built around the parachute payments, which have been spent by BIRCH. So I can't see them getting the club either. The only other option now is if Howe and Co reserect interest as the wage bill has gone and was their main concern initially?
Midge
Blimey! Some interesting revelations, there, from Channers. But all is not lost. Where is Birch? Speak, you useless git. Sorry, useless, millionaire git. All that money and what have we got to show for it? The least we can expect, surely, is the PST to be raising their profile and looking like they mean business.
Et_tu_Pompeii
Et_tu. agree 100% but PST were 1.45m short hence loan from council. That loan was on condition PL paid them direct from parachute money, which BIRCH has now spent, and the PST bid included using that 12m over the next 3 years, which,,, BIRCH has spent. In my reckoning that means they probably won't get the 1.45m now and are 12m down on the plan? 13.45m - 2.75 as we won't have to pay BC =10.75m shortfall... I'm more annoyed with TB than BC to be honest seeing names like brown, Hughes and Kanu listed, and wonder who now?
Midge
Wow! Sounds like someone's thrown their toys out of the proverbial pram! It's difficult to point the finger at anyone for undermining the takeover but I never felt that BC really wanted to take over the club again. People are blaming Birch for a lot... what would you have done differently? We had players with stupidly unsustainable wages, these wages have been deferred. I don't see why Pompey has to die on its arse now... if the parachute payments have been used to pay off all the creditors then that means there should be no other huge debt right? Time to build a club from scratch on sustainable wages/aims! BC complains that a day after telling Appleton that he would have his 'promised' 4m budget slashed to 1.5m do you not think you would be a tad miffed. I would quite rightly say that we will get relegated on that budget... the guy was being honest. What are the unrealastic terms from the council loan then? Can the PST bid go forward in reality?
pompey--pessimist
After all these weeks (years?) of the pendulum blade of torture swinging closer and closer to our collective throats, it comes down to this; can The PST do it or not. Knife edge doesn't even begin to describe it.
Et_tu_Pompeii
Well the PST are confident that they can launch a credible bid and build a sustainable club. They will have gone over the figures and will know the score. I think this is very positive - it means Chanrai has got out of the way of fan ownership. Yes of course things will be tight, but at least the Trust have the club's interests at heart, whereas Chanrai was just going to bleed it even more dry than it already was. And surely they can't do a worse job than the last few owners have? I'm celebrating!
tracyc
See - I told you he could not be trusted, he was never-repeat NEVER going to put any money in, just take it out. - Portpin were "Reeling" after the Football League put a kybosh on their plans to drain the finances away via their mythical "DEBT" of 18Mill. Good riddance! Best news in ages. We will see if he will sell the park to the trust in order to "save" Pompey but I would not bet on it. For a man with so much money and no interest in football, it beggars belief he could have been so foolish as to loan money to a club like ours, who duped him in the first instance?
Terraceman
Well that's an end to a lifelong love affair for me. I don't blame BC, more I would blame the 'fans?' who wouldn't support him trying to save us. 'probably' may never have happened but blinkered eyes as to how finances work and blind hatred of BC for very spurious reasons have now made it happen. I don't know whether to be angry or to cry - I think both!
PFCblue
PFC Blue I concur, no great luv for BC but he was the only real money, and still is. Ill conceived imbalanced articles, rumour written as fact and a simple lack of knowledge has been aptly demonstrated in this instance. I wish the trust well but fear for the future - praps we should pop round to the party at Tracy's place.
RussellM
Are people signing up for the PST? I would be keen but cant find any info about paying from overseas.
nodster
Have to say Portpin weren't the right ones to own Pompey but then they never wanted to. It is odd that a rich businessman could be so stupid to lend to and then by default own the club. Worst day's work he's ever done. While I don't think he should own the club I don't think he deserves all the abuse he got. He did save the club twice - by putting it into administration. If he hadn't done that we'd have been liquidated years ago. Hopefully something will be sorted with the Trust but I shan't hold my breath. I bet there are a lot of people having sleepless night trying to find 900. Most likely scenario is to be forced to start again, maybe having to miss this season.
thepompeypaul
Good, bad, right, wrong are always subjective. So is the idea that Chanrai was our saviour years ago. If he hadn't saved us from liquidation we might be back already, stronger and owned by the people and with no no debt or adverse historical baggage. To avoid the abuse he could have talked to people directly or through the media. And before you all shout, 'that's unprofessional', consider how unprofessional he has been already in various ways including 'appearing' crooked. There was no need, just speak.
Et_tu_Pompeii
 

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