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Portpin 'suspend' PFC offer

Having previously 'withdrawn the offer' Balram Chainrai's Portpin have now decided that there is no point with them continuing to offer up their proposal to takeover Pompey again.

As such, even though it is questionably as to if their offer would have been acceptable anyway, their offer has been 'suspended'.

Portpin feel, as a statement issued to the BBC said, the administrators PKF have not acted as they should have: 'We believe that the Football League has been put in an invidious position by the administrators - PKF.

'It is the administrators' job to manage the administration to a successful conclusion to the benefit of all creditors and yet PKF has off-loaded this responsibility to the Football League.

'First, Trevor Birch named Portpin as preferred bidder, then, before the Football League was given any time to actually assess our bid, Trevor Birch decided to suddenly withdraw our preferred bidder status the same day, without any credible reasoning.

'The PST was then named by Trevor Birch as the preferred bidder even though our bid remains with the Football League as they continued the process of evaluating our offer.'

I do think it is high time that we heard something from PKF, as they seem to have dropped off the face of the earth in recent weeks, months even, when previously you could not stop them from talking!

Chainrai has also - once again - questioned the motives of those behind The PST bid to takeover, claiming that fans are being 'manipulated' by the would be 'major shareholders' involved in the takeover process.

Adding: 'Pompey fans should be in no doubt that in my opinion they are being manipulated here.

'Behind the PST bid are a number of property developers who now appear to be becoming the majority stakeholders rather than the PST themselves.

'I believe their interest in buying the club is to secure the land. The illusion of the Trust owning Fratton Park is just that: an illusion.

'In reality, property developers will own the land, but they are using the veil of the Trust's bid as a vehicle to obtain and develop land around the ground without having to spend any money on much needed improvements to Fratton Park.'

Chainrai finished by saying that he 'firmly believed' that Appy would still be in charge now but his departure is 'a direct result of his frustration at the protracted state of affairs.'

Perhaps Chainrai could have a point with some of his comments here but the guy will say whatever he thinks he can to make him look like they one being 'hard done by', so I personally feel that being 'taken in' too much by his comments would be unwise...

Colin Farmery, talking to BBC Solent, responded by saying: 'we've been transparent in that we are working with a strategic property developer.

'As everyone knows the long-term future of Portsmouth Football Club depends on doing a deal on the land around the ground in order to create a stadium that is fit for the 21st century.

'You are not going to do that on your own, you are going to have to work with a property developer or developers in order to do that.

'It's ridiculous from Portpin to suggest that this is underhand - it is a necessity to work with a property developer.'

Granted they have to make sure that everything is right, but the sooner The PST can get the prospectus finished and out to prospective investors and clarify areas that need clarifying the better.

This whole situation, even though it is likely to rumble on longer even if The PST does complete the takeover, is LONG overdue sorting out now...


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The Journalist

Writer: pompeyrug Mail feedback, articles or suggestions

Date:Friday November 9 2012

Time: 1:36PM

Your Comments (oldest first)

Change to most recent first
Rug some of us were stating concerns over these 'presidents' in the forums before the BC statement. His concerns are our concerns. The PST need to clarify the exact position of these 'presidents' who, according to Tim, are outwith the PST. Are they acquiring the club and land cheaply on the backs of the true fans hard earned cash?
Report Abuse
09/11/2012 15:22:00

hence why i said: 'Granted they have to make sure that everything is right, but the sooner The PST can get the prospectus finished and out to prospective investors and clarify areas that need clarifying the better.'
trust me blue, as much as i want PFC to live on as i am one of those willing to part with my 'hard earned cash' i want to make sure that those that will less miss a grand are not going to profit from those that do...
Report Abuse
09/11/2012 15:34:00

fed up with it all..seems like BC has chosen a goodtime to blurt out, on the back of appys move
plymouth graham
Report Abuse
09/11/2012 16:24:00

Prelude to a court case - if Portpin prove it was PKF fund related there is a serious position. Ignoring whether PKF are right or not I have maintained the trust people have not been straight at all with Pompey fans about their finance or their people; I have heard or seen nothing that changes that opinion.
Report Abuse
09/11/2012 18:59:00

I am bored of this now. I was bored of this ages ago. It is just easier to accept an imminent doom. Apart from the ground we have nothing left. I am no longer interested in either bid - and any bids in the future. Football ownership is rotten to the core and nothing will be done about it because of the money involved. If the fans want to own it then let us create the phoenix club and shove the property developers. The council will not allow anything other than a football ground there for years to come - certainly won't be any residential development that's for sure! ... and How long are PKF going to twiddle their thumbs? Can't see they're doing anything for the charges they will clearly ask for.
Report Abuse
10/11/2012 09:25:00


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