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Portsmouth on the brink of liquidation after Balu Chainrai withdraws bid to buy club

Wed 15th Aug 2012 | Money & Finance

Balu Chainrai has confirmed he is withdrawing his bid to buy Portsmouth to leave the troubled League One club in danger of liquidation.

Portsmouth administrator Trevor Birch has spent the past few weeks desperately trying to offload first-team players from the club's wage bill in order to push through a sale of the club.

Birch had succeeded in that aim, but Chainrai will not be pushing ahead with a takeover after citing a number of reasons for withdrawing his interest.

Chainrai released a statement to Sky Sports News which read: "Portpin Ltd regrets to announce that it is withdrawing its bid for Portsmouth Football Club.

"Unfortunately, our efforts to save the club once more from extinction have hit a wall of rejection and lacking co-operation from the administrator and other interested parties.

"We are not the ones who have caused the club to collapse and we are not the ones to choose PKF as administrators .

"As history has recorded, we sold the club over a year ago after saving it from liquidation and unfortunately found ourselves again fighting to try and save the club from another liquidation.

"Through this administration process over the last six months we have always had the club's best interest in mind - unlike many parties who were involved in the process.

"We repeatedly encouraged the administrator to find a new, willing and able buyer to take over the club - unfortunately he was unsuccessful in this job and couldn't find a buyer despite his promises!!

"Later he approached us to be his safety net to save the club as he couldn't find a buyer. We agreed in the effort to avoid liquidation of the club.

"We welcome and will assist anyone, including the supporters trust to try and save the club in the coming days."

Posted by: Kev Howland

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