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Pompey bidders miss deadline to pay £3m deposit
A consortium looking to buy Pompey missed its own deadline to give administrators a £3m bond, The News can reveal.
The deposit was required up front by the club's administrators to secure a 14-day exclusivity agreement.
The consortium, which is being fronted by Cheshire-based businessman Rob Lloyd, told The News it would get the cash to the club on Monday.
But administrators were still waiting for it to be handed over last night.
My Lloyd, who annoyed administrator Andrew Andronikou by going public before speaking with him, finally talked with the administrators on Monday.
Joint administrator Michael Kiely told The News: 'We held preliminary talks with Rob Lloyd on Monday evening. However, we requested proof of the deposit before we would progress matters any further.'
Asked if the 3m bond had changed hands, he said: 'No, not yet.'
The revelation comes after a High Court judge yesterday ruled Pompey's administration is valid. Following this, HMRC agreed to suspend the winding-up petition it lodged over 11.6m the club owes in unpaid taxes.
HMRC had taken the club back to court over concerns former Pompey owner Balram Chainrai did not have the right to put the club in to administration last month.
But it dropped its case after Mr Andronikou provided them with evidence.
Gregory Mitchell QC, representing the HRMC, said they were now satisfied the administration was valid.
He added: 'We take the view that this administration offers the best chance of the club's survival and the best possibility of a return of cash for insecure creditors which include the HMRC.'
It came out in court that the Mr Chainrai's company Portpin Ltd, had loaned Pompey 16.5m between October last year and February.
The club has since repaid 4m, leaving a debt of 12.5m to the Hong Kong businessman.
Mr Justice Kim Lewison ordered Pompey's administration team to set up a creditors committee within 10 days.
This will decide the scope and detail of investigations into Pompey's previous and present financial situation.
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Weather for Portsmouth
Sunday 12 February 2012
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