Pompey Supporters’ Trust promises better deal than Chainrai

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Pompey Supporters’ Trust say it believes it can better Portpin’s bid to buy the club.

It comes after the offer by Balram Chainrai’s Portpin to pay Pompey creditors 2p in the pound.

The Hong Kong-based businessman is seeking the Company Voluntary Agreement (CVA) he needs to take over at Fratton Park again and release Pompey from administration.

But Pompey Supporters’ Trust has told The News that they will meet administrator Trevor Birch next week with a view to presenting a bid on behalf of the community to allow the fans to run the club.

They said they are confident that their counter-offer will deliver a better return to creditors than the offer made by Portpin.

Trust spokesman Scott Mclachlan said: ‘It’s what we were expecting. We are confident after the meetings we have had that we will be able to put a bid up at the end of the week.

‘It’s astonishing that we will get a bid on the table. That’s tribute and testament to the support that we have had.

‘It’s amazing that we have got this far in such little time.

‘To get to this point where we have an opportunity to put Portsmouth Football Club in the hands of the community is amazing.

‘The way the club has been run has been astonishingly poor over the last few years through various administration.

‘It’s time that some responsible ownership was put in by the community.

‘We are the ones who will run it properly with care and attention.

‘It’s a relief to finally get to this point.

‘A lot of people have been saying that the trust will never make a bid.

‘To know that we will is quite exciting. It may not succeed, but the point is that a bid will be made.

‘We are confident that we will offer more to the creditors than the offer on the table from Portpin.’

In a statement, the trust added: ‘We would also like to urge all Pompey fans and supporters of the PST and the community buy-out to stand behind us during this process and continue the great support we have had throughout the past few months.’

Unsecured creditors are owed a total of £40.2m by the club. Pompey administrator Trevor Birch said he believed the offer was the best possible deal for creditors.

He said: ‘We have written to all of the club’s creditors to inform them of the CVA proposals, which are based on an offer made by Balram Chainrai’s Portpin.

‘We believe that these proposals are likely to give the best possible deal for creditors and provide the most realistic opportunity for protecting the club’s financial position going forward and avoid liquidation.

‘There has been a considerable amount of interest in the club over the past few months but nobody has been able to prove their ability and willingness to complete on a purchase other than Portpin.’

Portpin proposes offering creditors £500,000 in cash as an up front payment.

In addition, Portpin will settle in full the club’s debts to charities, small local businesses owed less than £2,500 and part-time club employees who are owed wages prior to the administration and who worked for the club during administration.

A further £500,000 will be offered to creditors if Portsmouth return to the Premier League within five years.

As a result, PKF estimates that unsecured creditors will initially receive approximately 2p in the pound under the terms of the CVA.

The administrators have confirmed that creditors who were owed money from the previous CVA from two years ago, will be offered 2p in the pound on the original 20p in the pound that they accepted previously.

PKF believes that unsecured creditors would not receive any payment if the club is forced into liquidation.

Mr Birch added: ‘We have invited all creditors to a meeting at Fratton Park on Monday, June 25 at which they will get an opportunity to vote on the proposals.

‘If the CVA is accepted, it will pave the way for Portpin to acquire the club before the start of the next season.

‘PKF will continue to work with Portpin, the Football League and the Professional Footballers’ Association to finalise a long-term and sustainable business plan for the club.

‘There is still much to do but Portsmouth Football Club is now a step closer to leaving administration and returning to stability.’

The trust is still accepting pledges to the pre-share scheme. See communitypompey.co.uk