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Portpin statement - Trust Bid not in best interests of Pompey

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Thursday August 30, 2012 6:14 PM - 6:15 PM
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Portpin says supporters’ trust bid ‘not in best interests’ of Pompey

Published on Thursday 30 August 2012 18:14

BALRAM Chainrai’s company has said the Pompey Supporters’ Trust does not have the funds to buy the club.

Earlier this week Penny Mordaunt and Mike Hancock urged the Hong Kong businessman’s firm Portpin to accept the trust’s bid to take over Portsmouth FC.

But in a statement the firm wrote: ‘Firstly, Portpin Limited are not selling the club. It is the administrators of the club who are in charge of the sale process.

‘Although an agreement would have to be reached with Portpin to release their security of the club’s assets in order to complete a sale, the PST have to convince the administrators that their bid is the best offer on the table for creditors.

‘In doing so, they also have to convince the Football League that their bid is viable.

‘The PST have failed to do that to date. As such, there are other hurdles that the PST have to get over other than solely an agreement with Portpin over the release of their security.

‘As we have always stated, Portpin are willing to release their security and allow for a sale to take place to any bidder who can prove funds, not only to agree a deal with Portpin but also to fund the club going forward.

‘Portpin do have the club’s best interests at heart and will not agree to a sale to a party who has no ability to fund the club going forward.

‘Portpin have invested a substantial amount of money in the club and should receive a fair value for that investment. But the PST do not have the funds to pay football creditors in full and therefore under Football League rules will be stripped of their share and membership.

‘We simply do not see how this is in the best interests of the club.

‘Portpin are in effect being asked to accept a hugely reduced amount on what they are owed to deliver a sale which would kick the club out of the Football League and without any form of funding to stabilise the club.

‘In short, there are no positives to the PST offer whether from Portpin’s or the club’s view.’

But a spokesman for the trust dismissed Portpin’s comments, insisting that its bid was fully funded and it offered the best chance for sustainable ownership of the club in the long term.

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