Portsmouth takeover hits last minute snag

Businessman Joseph Cala, who is trying to buy Championship Portsmouth, has threatened to walk away by the end of the day in a dispute over the terms of the sale.

Businessman Joseph Cala, who is trying to buy Championship Portsmouth, has threatened to walk away by the end of the day in a dispute over the terms of the sale.

Italian businessman Joseph Cala says he has yet to agree terms with the club's major creditor Portpin, controlled by former owner Balram Chainrai.

Cala told BBC Radio Solent a planned conference call with the Football League today has been postponed.

That call will take now take place on Monday if his bid proceeds.

Pompey's parent company, Convers Sport Initiatives entered administration in November, forcing the club to search for new owners.

BBC South understands any purchaser would need to provide £12m as proof of funds, and assurances they could meet another £20m in repayments to former creditors, Chainrai and Alexandre Gaydamak.

 
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