POMPEY administrator Trevor Birch today faces a choice: whether to let the fans run Portsmouth Football Club, or whether to hand control back to Balram Chainrai.
Today he will be given a revised offer and business plan from the Pompey Supporters’ Trust, as well as a revised plan from Mr Chainrai’s Portpin.
Mr Chainrai pulled out of a deal to become Pompey’s new owner, complaining the administrators’ costs were too high.
But in a dramatic 11th hour U-turn, the Chainrai bid was put back on the table late on Wednesday.
Mr Chainrai told The News his business partner Levi Kushnir had been approached directly to resubmit the bid.
He said: ‘If we can try to help finalise the deal we will.
‘We’re trying our best because when we walked away, everyone was unhappy and they asked us to come [back].’
A statement released by Portpin yesterday lists the administrator, the Football League, the Professional Footballers’ Association, and officials from Portsmouth City Council as bodies which had asked Portpin to step back in.
But that has been roundly denied by everyone.
The statement continued: ‘Although Portpin positively viewed takeover interest by the PST, we understood from the administrator that the terms offered by PST were problematic in two areas – the further reduction on football creditor debt to £2m and the uncertainty of the committed capital raised and held in escrow to both fund the takeover of the business and to provide guarantees for the next three years’ cash flow.
‘We hope to finalise the transaction in the next two weeks.’
Fans’ group SOS Pompey held a demonstration at Fratton Park yesterday, protesting over Mr Chainrai’s re-emergence as a potential owner.
Spokesman Carl Paddon said: ‘We just don’t want Portpin in the club.
‘They are trying to suck the lifeblood out of the club – and there isn’t much lifeblood left.’
Colin Farmery, spokesman for the PST, said: ‘The renewed bid by Portpin does not in any way affect the trust’s own bid to buy Portsmouth Football Club, which we look forward to submitting today.’
Mr Birch said: ‘We have been working with the trust since Portpin’s original offer was withdrawn and understand that the trust is on track to submit a business plan and revised offer.
‘We will assess its bid once it has been submitted and will then determine which offer provides the best deal for creditors, as is our duty as court appointed administrators.’