Former owner Balram Chainrai has put in the only bid for Portsmouth FC through his firm Portpin and is therefore likely to take the club out of administration. If all goes to plan, the process should be completed by early July.
Former owner Balram Chainrai has put in the only bid for Portsmouth FC through his firm Portpin and is therefore likely to take the club out of administration. If all goes to plan, the process should be completed by early July.
Chainrai said that he would only return if there was no other way of stopping the club failing. He sold the club to Convers Sports Initiatives nearly a year ago which then collapsed after the arrest of Vladimir Antonov, one of the main men behind the firm.
The news has received a mixed reception from Portsmouth fans but it is in Chainrai’s own interests to make a go of it as the club will only have value if it is successful. The Portsmouth Supporters’ Trust have tried to raise the funds to acquire the club but do not have enough capital.
It is proposed to take the club out of administration through a Company Voluntary Arrangement. Creditors will have to accept this and it is unlikely to give them very much but they don’t have an alternative.