Chainrai makes only bid for Portsmouth

Balu Chainrai’s Portpin are the only group to make a proposal to take over Portsmouth FC.

Balu Chainrai’s Portpin are the only group to make a proposal to take over Portsmouth FC.

Pompey are currently in administration for the second time in two years but could be out within six weeks after former owner Chainrai put forward the only bid to administrators PFK Accountants.

"PKF has not received bids from any other potential buyers and we do not expect any new bidders to emerge before the club runs out of money,” said PFK’s Trevor Birch.

"The Supporters' Trust is working hard to make a proposal but as yet is not in a funded position to make a bid.

"We've made it clear from the start that a new owner would need to demonstrate that it cannot only fund a CVA that is acceptable to creditors, but also cover the club's ongoing operating losses.

"Only Portpin has been able to give us the necessary assurances that the funding will be in place. This is important because at some stage it will have to give The Football League those assurances too.

"However, there is still a lot to do before we get to that stage and we are not taking anything for granted. PKF will now work together with Portpin to finalise the business plan to satisfy the Football League that Portsmouth Football Club has a sustainable long-term future.”

 
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