Portsmouth lurch towards liquidation again
Balu Chainrai has withdrawn his bid to buy League OnePortsmouth, leaving the south coast club on the verge of liquidation. Chainrai has now accused administrator Trevor Birch offailing to co-operate fully during takeover talks and says he has withdrawn hisbid.
"Portpin Ltd regrets to announce that it is withdrawingits bid for Portsmouth Football Club," read a statement released to SkySports News.
"Unfortunately, our efforts to save the club once morefrom extinction have hit a wall of rejection and lacking co-operation from theadministrator and other interested parties.
"We are not the ones who have caused the club tocollapse and we are not the ones to choose PKF as administrators.
"As history has recorded, we sold the club over a yearago after saving it from liquidation and unfortunately found ourselves againfighting to try and save the club from liquidation.
"Through this administration process over the last sixmonths we have always had the club's best interest in mind - unlike manyparties who were involved in the process.
"We repeatedly encouraged the administrator to find anew, willing and able buyer to take over the club - unfortunately he wasunsuccessful in this job and couldn't find a buyer despite his promises!!
"Later he approached us to be his safety net to savethe club as he couldn't find a buyer. We agreed in the effort to avoidliquidation of the club.
"We welcome and will assist anyone, including thesupporters trust, to try and save the club in the coming days."