Chainrai withdraws Pompey bid
Balram Chainrai has withdrawn his offer to buy Portsmouth
Portsmouth could yet face liquidation after former owner Balram Chainrai withdrew his bid to buy the troubled npower League One club.
Trevor Birch, the administrator charged with looking to find new owners for the crisis club, had managed to offload a number of high-earning players such as Tal Ben Haim, Liam Lawrence and Dave Kitson to push through a sale.
However, Chainrai has revealed that he is now no longer interested in striking a takeover deal.
He released a statement to Sky Sports News which read: "Portpin Ltd regrets to announce that it is withdrawing its bid for Portsmouth Football Club.
"Unfortunately, our efforts to save the club once more from extinction have hit a wall of rejection and lacking co-operation from the administrator and other interested parties.
"We are not the ones who have caused the club to collapse and we are not the ones to choose PKF as administrators."
The statement continued: "As history has recorded, we sold the club over a year ago after saving it from liquidation and unfortunately found ourselves again fighting to try and save the club from another liquidation.
"Through this administration process over the last six months we have always had the club's best interest in mind - unlike many parties who were involved in the process.
"We repeatedly encouraged the administrator to find a new, willing and able buyer to take over the club - unfortunately he was unsuccessful in this job and couldn't find a buyer despite his promises!!
"Later he approached us to be his safety net to save the club as he couldn't find a buyer. We agreed in the effort to avoid liquidation of the club. We welcome and will assist anyone, including the supporters trust to try and save the club in the coming days."
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Why is it we can comment on sport but not allowed to comment on how First rail is getting nearly a monopoly on our rail service and Branson is shoved out again?? Not oiling enough pockets Richard like our American cousins. Just like he was'nt given a fair trial at the lottery either.
Good old British comanies for the rich and non brits.
Don't any of you understand what this crook is up to??? He allegedly "loans" a couple of million to someone he alledgedly says he'd never met before; the when this "loan" is not paid back; he by default gets the football club. Question arise did that "loan" actually exist in the first place - chances are it didn't. So as the "owner" he (and by all accounts the Administrator too) then place a value on all the assets to see what can be liquidated to pay creditors. Meanwhile alongside this action he comes up with another plan to "save the club" via a company he owns. His shell company will buy it from the Administrator for next to nothing and pay virtually nothing to the existing creditors. In the absence of any bids as the business is to all intents and purposes dead and buried this plan is unopposed. Most of the existing liabilities have either been written off or in the case of players contracts - cancelled. Then when a second bid is entered and backed by the local council he's got a problem so suddenly decides that he doesn't want to buy the club from himself however cheap it is after all. Why? because as he already owns it - it has a far higher value if he sells the assets at inflated prices to the second bidder. So if his shell company bought the club off him - he'd sell it for next to them for next to nothing; paper money- but if another bidder wants it - then its £10m just for the ground alone but cash up front only. The local Council should re classify Fratton Park and re rate it as land fill; that way he'd HAVE to sell at a reasonable figure and the club could at least move forward in some shape or form.
