UK time is: 12:32:04
Vital Login
Social Login

Choose your club

Other Sites

Network Navigation

Vital Partners

'If It's Football, It's Vital'

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Having previously 'withdrawn the offer' Balram Chainrai's Portpin have now decided that there is no point with them continuing to offer up their proposal to takeover Pompey again.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




Use your social login to comment on front page articles. Login using you Facebook, Twitter, Google or LinkedIn accounts and have your say!



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

The Journalist

Writer: pompeyrug Mail feedback, articles or suggestions

Date:Friday November 9 2012

Time: 1:36PM

Your Comments

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
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
fed up with it all..seems like BC has chosen a goodtime to blurt out, on the back of appys move
plymouth graham
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
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
 

Have Your Say

Log in...
with your social network     OR     with your Vital account

Recent Portsmouth Articles

Less than 2-weeks to go... Thoughts? (Thursday July 31 2014)

On this day in history...31st July (Thursday July 31 2014)

On this day in history...30th July (Wednesday July 30 2014)

As long as we win! (Sunday July 27 2014)

Pompey well beaten by Ebbsfleet (Saturday July 26 2014)

On this day in history...26th July (Saturday July 26 2014)

Awford knows his side...do you? (Thursday July 24 2014)

Archived Portsmouth Articles

List All Vital Pompey Articles
Have your say
Click here to suggest an article
Click here to suggest a poll

Vital Members League (view all)

1. pompeyrug 126
2. mslorna48 63
3. PFCblue 61
4. Lemmi 47
5. eastneydave 36
6. Emsworthianblue 22
7. pompeyloyal 14
8. NZ_Portsmuff 11
9. storagematt 10
10. Et_tu_Pompeii 10

League Results (view all)

Latest Results

League Table (view table)

Team P W D L GD Pts
14. Northampton 0 0 0 0 0 0
15. Oxford 0 0 0 0 0 0
16. Plymouth 0 0 0 0 0 0
17. Portsmouth 0 0 0 0 0 0
18. Shrewsbury 0 0 0 0 0 0
19. Southend 0 0 0 0 0 0
20. Stevenage 0 0 0 0 0 0

Breaking League News

Wolves maul the yellows
Oxford : 31/07/2014 10:51:00
Less than 2-weeks to go... Thoughts?
Portsmouth : 31/07/2014 10:39:00
Blues sign Rowe and Walker from Rotherham
Wycombe : 31/07/2014 10:20:00
Ghanaian Lands Dons Trial
Wimbledon : 31/07/2014 10:08:00
Injury Blow For Youngster
Wimbledon : 31/07/2014 10:07:00

Current Site Poll (view all polls)

AA says we are done but are we still short in...
Suggested By:  pompeyrug
Defence 75%
Midfield 0%
Attack 4%
In AA we trust! 21%