BALRAM Chainrai’s firm Port Pin Ltd offered £500,000 to Pompey – on the condition Andrew Andronikou or another administrator it approved of was appointed.
But Mr Justice Alastair Norris said during the club’s administration hearing yesterday that Port Pin would not hand over the cash just to help Pompey out.
The offer being laid on the table was seen by some fans as a last-ditch bid to secure Mr Andronikou of UHY Hacker Young as administrator for Pompey for a second time in two years.
But despite the proposal Mr Justice Norris decided instead to plump for Trevor Birch, Ian Gould and Bryan Jackson from PKF as the club’s administrator during the hearing, which was held in the Chancery division at London’s High Court.
Mr Justice Norris said of his ruling that Pompey could enter administration: ‘I’m satisfied on the evidence that there must be a prospect that the club can be sold to a new owner for something more than nothing.
‘In these circumstances I’m satisfied that there is a sufficient prospect of a better return for creditors in administration than if a liquidation were immediately to take effect.’