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Pompey fans lodge takeover offer

Fri 22nd Jun 2012 | Clubs Ownership

The Pompey Supporters Trust has submitted a rival offer to take control of financially-troubled Portsmouth to administrator Trevor Birch.

Insolvency firm Begbies Traynor has confirmed to BBC South that it has finalised a bid on behalf of the PST.

Former owner Balram Chainrai is also looking to buy the club as part of a Company Voluntary Agreement.

His company, Portpin, has submitted a proposal to pay the League One club's creditors two pence in the pound.

Full details of the PST offer are expected to be released later on Friday, but if Birch accepts the bid creditors will now have an alternative to Hong Kong businessman Chainrai, who formerly owned the club in 2010-11 and is personally owed about £19m.

Pompey are currently £58m in debt after previous owners Convers Sports Initiatives went into administration.

The list of creditors also includes Revenue and Customs, which is owed £2.3m, and they will vote on Monday at Fratton Park whether to accept either CVA proposal.

Last week lawyer Anthony Fanshawe from Begbies Traynor warned creditors to "get real" or Portsmouth faced being liquidated.

The Professional Footballers' Association is potentially claiming nearly £24m from Pompey, but Fanshawe said a compromise was needed on that figure.

Supporters have been pledging a minimum of £1000 to help support the bid while the Trust recently revealed they had attracted five 'high net worth' individuals who had offered over £1m.


Posted by: Kev Howland

 

http://www.buttonshut.com http://www.buttonshut.com http://www.buttonshut.com

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