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Pompey CSI acquisition insider info

Pompey CSI acquisition insider info
Trustful and reliable sources have told that acquisition of Portsmouth Football Club by Convers Sports Initiatives is up in the air and looks like it may not even going to happen at all.

Recently all of the CSI shareholders have passed 'Fit and Proper' tests, provided proof of financial sound and stability in order to secure and complete the acquisition of Portsmouth FC. Sources also saying that apart of that they've put all the necessary guarantees in place with regards to commitments of future investments into the club and its infrastructure, moreover there was an escrow account also opened in one of the UK Banks with necessary sum transferred back in February towards the completion of the deal.

Everything was set up and acquisition should have been completed within few weeks, however current club owners Levi Kushner and Balu Chainrai have decided to request an additional 3 million pounds on top of agreed sum. During the last few months they were constantly changing fundamental agreement terms.

There are also rumours that originally Mr Chainrai was happy to accept the price for the club which equals his initial investment but from day one negotiations with CSI Mr. Kushnir and Chainrai changed his mind. The deal was negotiated and agreed between all parties months ago but Levi and Balu increased the price number of times which is at the moment could go up to 35 millions.

At the moment information known by the source states that CSI and their shareholder have decided to walk away from the deal and do not proceed with the purchase of Portsmouth FC.

Written by Alexey Gerdt.

The views within this article are the views of the individual who wrote and submitted this piece, sometimes solely theirs. They are not necessarily shared by the Vital Pompey Site Journalists.

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  • Writer:pompeyrug
    Date:Monday April 25 2011
    Time: 5:28PM

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    Comments

    0
    Jesus wept, surely Chainrai should be tearing their arms off just to recoup his money and go away after the club nearly folded (and obviously he would have got nada in return).
    Tantona
    25/04/2011 18:17:00
    0
    Rumours, rumours..... wait until the official announcement is made. Maybe we've hit the same block as Bournemouth and Rangers.
    PFCblue
    25/04/2011 18:43:00
    0
    I don't think Chanrai is as bad as some think, but the other one...Kushnir... Good cop bad cop I reckon and I bet it's all down to him, after all he was present both windows trying to sell anything that moved. If brian swan from Sky had been near by on transfer day he would have sold him.
    Midge
    25/04/2011 18:59:00
    0
    Oh dear oh dear..this is depressing...if in deed it is true...i doubt though...i suggest that a litte brinkmanship is in place if any thing and they will settle a deal somewhere in the middle..if it is in deed true
    plymouth graham
    25/04/2011 19:33:00
    0
    As an ex estate Agent, this smacks of who will pay the commission?
    dedmans
    26/04/2011 08:27:00
    0
    Of course this type of report is dangerous and sounds almost tailor-made to apply pressure to the deal. What tosh.
    Liquor&Poker
    26/04/2011 10:31:00
    0
    Quelle suprise!!
    Owenspompey
    03/05/2011 11:33:00
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