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Administration

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Fifth bid made for Portsmouth

A fifth formal bid has been made for Portsmouth by Portco Ltd., a group of UK investors fronted by Scottish businessman Harry Kerr.    Kerr is the director of a successful financial services company called Avalon and is a fan of Hibernian and Arsenal.

The group has produced proof of funds.  It is believed that they are interested in the 'sleeping giant' potential of the club and the possibility of redeveloping Fratton Park.   That is, however, linked with 10 acres of car park and office space to the north and west of the stadium.

New bid for Portsmouth

A new bid to acquire Portsmouth FC has been submitted by former Watford owner Laurence Bassini.   However, it has come late in the day and is not seen as a 'game changer'.

Truro's troubles continue

Truro City has put out a desperate appeal to fans to come to the game on Saturday so it can continue to operate.  The administrators in charge of the club said the gate receipts were its only income.

Middle East bid for Pompey

Rumours of a bid by a Middle East consortium for Pompey have been confirmed.   They will need to put a credible bid together quickly, as the other two bidders, former owner Balram Chainrai and Portsmouth Supporters' Trust, have been given until this Friday to finalise their bids.

Truro City in administration

Truro City have been placed into administration, but the move may have come too late and the club could disappear.   They face a winding up order in the High Court tomorrow from Revenue and Customs for £15,000 before costs and the patience of the tax authorities is running out.

Meanwhile, the club's players are turning out for free to aid its battle for survival.   However, they said they would not turn out for yesterday's match against Boreham Wood (which they won 2-0) unless steps were taken to place the club in administration.

Chainrai back in at Pompey

After storming off in a huff last week, Balram Chainrai has once again lodged a bid for Portsmouth. Given his financial entanglement with the club this was always likely.  He is owed £17m and holds Fratton Park as security.

Pompey on brink again as Chainrai pulls out

Portsmouth FC face liquidation once again after Balram Chainrai's Portpin vehicle withdrew its bid for the club. Portpin blamed the administrators for spending £12m of parachute payments on their fees and payments to players.  They also complained about negative criticism and lack of support from the fans of the club.

Portsmouth crisis continues

The crisis at Portsmouth Football Club is a bit like the crisis in the eurozone.  It never goes away, it flares up regularly and it never gets resolved.  In one case, the future of a currency is at stake: in the other, the future of an historic football club with a dedicated following.

Council to provide loan to Pompey fans trust

Portsmouth City Council is expected to approve a £1.45m 12 month loan to help fans bid for Pompey.  The money will only be made available to the Pompey Supporters' Trust if there is no other commercial alternative to bringing the club out of administration.


Tough conditions are expected to be attached to the loan.   The club and its assets have to be bought for £7.68m which includes provision for the full and final settlement of the football creditors.   This requires agreements with all players on high wage contracts.

Chainrai hopes for Portsmouth deal

Balram Chainrai hopes to secure a deal to take Portsmouth out of administration and avoid a threatened liquidation which has looked increasingly close.   It would be the second time he has bought the club.  He agreed a company voluntary arrangement to pay credtors 2p in the pound last month while he is owed £20m.