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Mystery investor makes formal proposal to buy Portsmouth

Rob Lloyd, the property tycoon who represents an unknown client, has made a formal proposal to buy Portsmouth with Andrew Andronikou, the club's administrator, having flown out to Hong Kong last week to meet Balram Chainrai, the club's largest secured creditor to discuss a possible deal. Lloyd told the Guardian: "We made the proposal to Andrew on Monday and the next step is now to arrange a meeting to move the process forward. That should happen by the end of the week."

Andronikou is today meeting the French-Moroccan party who are also interested in buying the club, after the prospective new owners flew into England to hold meetings with the administrator in London.

Andronikou told the Guardian: "As the administrator we have to sell Portsmouth now - not in three months or six months but now, so Portsmouth can move forward."

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