Birch: Chainrai’s CVA set to be sent to creditors

GOOD DEAL Pompey administrator Trevor Birch at Fratton Park. ''Picture: Sarah Standing (120580-7872)
GOOD DEAL Pompey administrator Trevor Birch at Fratton Park. ''Picture: Sarah Standing (120580-7872)
London Road, or the ABAX Stadium as it is known for sponsorship reasons

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POMPEY’S administrator says Balram Chainrai’s bid to buy Pompey is set to be sent out to creditors imminently.

Trevor Birch has confirmed that no other offers are on the table to buy the club.

Mr Chainrai’s company Portpin have put together a Company Voluntary Agreement (CVA) in a bid to bring the club out of administration. It is expected to be sent out today.

The CVA sets out the amount creditors can expect to receive from the company.

A meeting will then take place later in the month where the creditors will have an opportunity to vote on whether or not they agree with it.

If it is accepted, Chainrai will take over Pompey for a third time.

Trevor Birch, of administrators PFK, said: ‘We are about to send the CVA out to creditors.

‘The creditors meeting will be held in two weeks.

‘The creditors will then have a chance to vote on it and we will take it from there.’

Mr Birch confirmed that Chainrai’s offer is the only option for the club at the moment and that no other offers have come in.

But he said he is unable to give out any details about the CVA and how much creditors are expected to receive.

‘We have been working with the Pompey Supporters Trust since day one,’ he said.

‘They aren’t in a position to make a bid but they are still working on it. There aren’t too many other options.

‘It’s a very difficult, fragile time for the club. So this is a positive move.

‘To have any interest at all is positive.

‘This club could have fallen into liquidation.

‘So to have anybody showing any interest in the club has got to be seen as a positive thing.’

Mr Birch said that Pompey’s league one membership for the coming season has been confirmed following the football league authority meeting which was held in Vilamoura in Portugal last week.

The club also recently confirmed that no points will be deducted if they were to start the season still in administration.

However, Scott Mclachlan, spokesman for the Pompey Supporters’ Trust, said they haven’t given up hope of making a bid through a fans buyout.

Last week, insolvency expert Antony Fanshawe, of Begbies Traynor, was appointed to finalise the trust’s bid.

‘We will wait and see what Portpin’s CVA is,’ he said.

‘That sets down a marker to see whether our numbers match what Portpin are going to do and then we will go from there. I think we will make a bid but I don’t know when at the moment.

‘Hopefully the CVA will give us a clue as to how far away we are from getting a good offer on the table.

‘I think Portpin’s offer will be as little as possible for the creditors.’