Vital Football

Portpin 'suspend' PFC offer

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Having previously 'withdrawn the offer' Balram Chainrai's Portpin have now decided that there is no point with them continuing to offer up their proposal to takeover Pompey again.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

PLAY UP POMPEY!

Click here to make your prediction: Bury v Pompey.

Join the Vital Pompey Debate

Vital Pompey on: facebook Vital Pompey on: twitter

Join the Vital Pompey Forum Debate

Win FREE pizza with Vital Football!
Select your team and get 50% off if they score twice.
www.papajohns.co.uk/football



Click here to join in the debate on the club forum.

Writer:pompeyrug
Date:Friday November 9 2012
Time: 1:36PM

Comments

0
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?
PFCblue
09/11/2012 15:22:00
0
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...
pompeyrug
09/11/2012 15:34:00
0
fed up with it all..seems like BC has chosen a goodtime to blurt out, on the back of appys move
plymouth graham
09/11/2012 16:24:00
0
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.
russellm
09/11/2012 18:59:00
0
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.
pompey--pessimist
10/11/2012 09:25:00
Page 1/1
  1. 1

Login to post a comment

Recent Portsmouth Articles

On this day in history...1st May

A look back at this day in history, and what was happening with Pompey courtesy of our sister site PompeyRama, 1st May.

Sunday Chimes #77 - It will be Plymouth in playoff

Three more points but automatic promotion hope dashed, players join the fans, book review and meet the butcher..

Audio - Cook On Hartlepool Win

Manager Paul Cook has given his thoughts following victory over Hartlepool United today.

Stats: Hartlepool United v Portsmouth

All the stats from Hartlepool United (0) vs (2) Portsmouth, Victoria Park, 30/4/16 Att: 5,046

Archived Vital Pompey Articles

Vital Pompey articles from

Site Journalists

pompeyrug
Editor email
Profile
eastneydave
Editor email
Profile
paultsmouth
no email
Profile
Chix
no email
Profile

Current Poll (see more polls)

Hartlepool MotM
Suggested By: Site Staff
Murphy70%
Stevens0%
Burgess12%
Barton0%
Freeman0%
Doyle0%
Hollands0%
Naismith6%
Roberts6%
Evans0%
Smith6%
Sub - McGurk0%
Sub - Chaplin0%
Sub - Whatmough0%
ScoopDragon Publishing Entire League Network of Sites

League Table

# Team P W D L Pts. GD
C Northampton 45 28 12 5 96 35
2 Accrington 45 24 12 9 84 26
3 Oxford 45 23 14 8 83 40
4 Bristol Rovers 45 25 7 13 82 30
5 Portsmouth 45 21 15 9 78 32
6 Plymouth 45 23 9 13 78 21
7 Wimbledon 45 20 12 13 72 13
8 Cambridge 45 18 13 14 67 11
9 Leyton Orient 45 18 12 15 66 -2
10 Wycombe 45 17 13 15 64 4
11 Exeter 45 17 13 15 64 1
12 Carlisle 45 16 16 13 64 0
13 Mansfield 45 17 12 16 63 8
14 Luton 45 18 9 18 63 -1
15 Barnet 45 16 11 18 59 -4
16 Hartlepool 45 15 6 24 51 -18
17 Notts County 45 14 9 22 51 -24
18 Yeovil 45 11 15 19 48 -15
19 Stevenage 45 11 14 20 47 -15
20 Crawley 45 13 8 24 47 -30
21 Morecambe 45 12 9 24 45 -22
22 Newport 45 10 13 22 43 -20
R Dag & Red 45 8 10 27 34 -34
R York 45 7 12 26 33 -36
Latest F1 News
Latest Vital Boxing News

Recent Portsmouth Results (view all)

Portsmouth Fixtures (view all)

May 7 2016 3:00PM : Northampton Town (H)
Sky Bet League Two

Vital Members League Table

RankNamePoints
1.FrattonBlue2
2.eastneydave2
3.Emsworthianblue1
4.Copnor431