AMERICAN businessman Vince Wolanin has issued a statement in which he says he is not in a position to mount a takeover of Pompey.
Mr Wolanin, the business partner of former frontman of the group Bad Company and a life-long Pompey fan Brian Howe, has been rumoured to be interested in taking over at Fratton Park.
In the statement Mr Wolanin said: ‘After looking over extensive materials we then tried to ascertain if the club could actually work as a commercial venture since we felt the capital requirements would be outside the short-term fundraising capabilities of a CIC.
‘There are just too many cumbersome and fiscally imprudent contracts signed that in our view would only further plunder the club all over again even if someone could buy it for zero pounds sterling since the loss carried forward is insurmountable.
‘We were hoping contract cancellations could be executed how they are under US law when a company enters administration; but, it turns out UK law prevents that.
‘Personally, I am a fan of this great club, but our parent company directives prevent us from investing in a venture where the outlook is in the red rather than the black.
‘I really feel the FA needs to revisit some of the now out of date policies of fiscal operations, capital expenditures, and outspending of the capital base and revenues as this is going to be a financial plague if changes are not made sooner than later. Still hoping for a miracle, sadly which we do not have.’
Earlier today administrator Trevor Birch confirmed the club is running out of time to find a buyer.