Portpin submit bid for Pompey ahead of deadline

Balram Chainrai
Balram Chainrai
Derry City winger Ronan Curtis

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BALRAM Chainrai’s firm Portpin says it lodged its bid to buy Pompey on September 4 – before tomorrow’s deadline imposed by administrator Trevor Birch.

In a statement issued to The News, Portpin says the offer is in line with CVA proposals agreed at June’s creditors’ meeting and includes a ‘robust’ three year business plan to run the club, put together based on feedback from PKF and the Football League.

It states the firm has been approached by property developers but refused to deal with them.

The statement said: ‘This was submitted as soon as possible to show our intention that we are serious about becoming the club’s new owners again.

‘Our plan is not based on the financial support of any property developers. Like the PST we have been approached by many of the same property developers but we have refused to deal with them.

‘In our opinion we want to ensure that the club benefits in both the near and long term from any development at Fratton Park to the benefit of the club.

‘It is our view that the ground stays under common ownership, as we have seen the damage this has caused with the land around the stadium not being owned by the club.’

It adds the club will not be ‘saddled with any legacy debts’ other than the CVA and football creditors, and will be run with a ‘leaner management and structure’ with a playing budget that ‘fits the average League One club’.

It adds: ‘Our number one priority is to bring the club its stability and security of ownership and this will allow us to support Michael Appleton as he looks to build a young and talented team to take the club forward and excite the fans. It will probably be the first time in the last decade that the club will live on the financial resources that the club generates.’

‘We want to make it clear that 100% of the income of the Club including the remaining parachute payments will be used to pay the football creditors and run the club on solid grounds on a day to day basis, with any surplus funds being given to Michael Appleton for the first team playing squad.’

A spokesman for PKF said: ‘We will be providing a status update on the bid tomorrow.’