Chainrai's back (for the umpteenth time!!)
Just when you thought it was safe to go back in the water the shark returns...
Something of a newfound hope and optimism had started to grow, Balram Chainrai 'withdrawing his bid' (via Portpin) never meant he was 'out of the picture', as he was always very much lurking in the background for varying reasons, but at least it seemed his taking over at Fratton again was a no-go.
Sadly, in something of a déjà vu moment once more, a 'press release from Portpin' came last night signalling an intent to finalise a takeover within a couple of weeks!
This read: 'after many discussions with the related parties, including amongst others, the administrator, the Football League, the PFA, and officials from Portsmouth City Council, Portpin Ltd announces that it has decided to take action in order to avoid the imminent liquidation of Portsmouth FC.
'Portpin's offer will be in much the same form as previously with the club's current CVA being honoured and football creditors being settled in accordance with current agreements. Under Football League rules, the satisfactory treatment of football creditor obligations is critical to the financial eco-system of all members of the Football League.
'Although Portpin positively viewed take-over interest by the Portsmouth Supporters Trust ("PST"), we understood from the Administrator that the terms offered by PST were problematic in two areas - the further reduction in football creditor debt to £2million and the uncertainty of the committed capital raised and held in escrow to both fund the take-over of the business and to provide guarantees for the next three years cash flow.
'We hope to finalise this transaction in the next two weeks.
'Portpin is taking this step to save the club and will look to continue to work with interested parties - including the Portsmouth Supporters Trust - to ensure that the club will have a sound business foundation to enable it to remain financially over the long term.
'We hope everybody including the huge fan base will support this saving process.'
He is looking to play that 'saviour hero' role again I see...
Perhaps all the conspiracy theories about the guy are not try but basically the way I see it now is the guy made a p**s poor business decision and I am tired of this club continuing to pay the price for this.
Lets make no bones about it we were in a mess before he came on the scene but all the while he remains in the picture there can be no positive future or outcome for this club.
He threw a dice looking to make 'a quick buck' and this failed. Who in there right mind 'loans' £14m to someone that they do not know, and have never met - not that anyone did Al mirage!
The thought of a quick return as 'everyone makes money in the premier league' was looked for and this failed.
Ok, Chainrai is a businessman and wants to get back as much as he can, lets say for arguments sake 'fair enough', but if anyone is foolish enough to think that he genuinely has any intention of 'looking out for Portsmouth football clubs best interests' then you are as naïve as Chainrai was for loaning money to a faltering business with faceless owners!
How quickly a newfound sense of hope, belief and enjoyment can be lost...
Yep, we were still in trouble but the 'walking away' of Chainrai seemed to breath some new life into this club and virtually everyone had started to 'enjoy' things again, even if we knew in the back of our minds perhaps this would not last and it could well come to an end at any time.
Quite how much better former Watford owner Laurence Bassini would be, with The News reporting he is 'understood to have been in talks' about a takeover, remains to be seen? (If he, or others, even are!)
Of course we do not know what a new owner, if there is one, could bring us but I know that I do not want to return to Chainrai yet again...
I have never wanted us liquidated, in spite of what some might think and I may well have said - with that being the implication - but I can very well understand the thinking that liquidation over the return of Chainrai would be the preferred option trust me!
I just hope and pray that The PST does indeed, as a statement released today says, 'remain on track' with the bid to gain control of this club...
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