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Chairai Submits New Offer To Buy Portsmouth

Thu 23rd Aug 2012 | Clubs Ownership

Balram Chainrai, former owner of Portsmouth Football Club has submitted a new offer to buy the League One club.

Chainrai, who is owed £17m by the club, had initially withdrawn his offer to takeover the Portsmouth but has resubmitted his interest in the ailing South coast club.

Trevor Birch, PKF partner and joint administrator of Portsmouth Football Club (2010) Ltd, released a statement today (Thursday) confirming the interest.

"Portpin has submitted a new offer and we are now reviewing it."

Portpin’s withdrawal left the Pompey Supporters’ Trust as the only bidder for the club and had set aside £2m for player owed money by the club and have arranged a Company Voluntary Arrangement agreed by creditors which would pay them two pence for every pound they are owed.

"We have been working with the Trust since Portpin's original offer was withdrawn and understand that the Trust is on track to submit a business plan and revised offer tomorrow.

"We will assess its bid once it has been submitted and will then determine which offer provides the best deal for creditors, as is our duty as court appointed administrators."

Posted by: Aaron Gourley

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