Updated: 15/08/2012 12:45 | By pa.press.net

Chainrai withdraws Pompey bid

Balram Chainrai has withdrawn his offer to buy Portsmouth

Balram Chainrai has withdrawn his offer to buy Portsmouth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."

15/08/2012 10:37
I so feel for the Pompey supporters, How much more do they have to go through?.
15/08/2012 18:44
when is msn going to get its act together and get rid of these perverts putting adverts in the sport section. no matter how many times you report these sites msn takes no notice
15/08/2012 12:37

This is like seeing an animal in pain


it needs to be put down!



15/08/2012 14:38
I am sure there are players without clubs who have plenty money in bank they could offer to play free for Portsmouth keeping fit and signing a short 6 month contract in order to keep fit keep themselves in shop window maybe in exchange for a later payoff when they retire and Portsmouth are back on their feet could be good for all involved

15/08/2012 14:30






15/08/2012 16:54
Corrupt foreigners running British interests, it's the soup of the day. Criticise and you are branded a racist.
15/08/2012 13:35

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.

15/08/2012 13:12
I wonder what Balram Chainrais Favourite sport really is, because "football it aint". This bloke and his cronies at Portpin are all about the big buck. How much can we make,? How much is it worth to us,?  How much prestige will it bring in,? All questions I'll wager asked before the mention of the footballing tradition and the history of the club, and not the slightest consideration for the supporters who have had their loyalty tested time and time again. Foul I say. Tut! Tut! you lot!!!! I'll refrain from using the term gentlemen because that's something else they surely aint. Comments from a Die hard Aston Villa and Football Fan.................
15/08/2012 19:13
i wonder if harry redknapp feels any guilt.as he is out of work im sure he could do something to help the club he helped to destory.its hell of a high price to win the F.A cup
15/08/2012 14:16
Libel laws provent me from making the cooments I would like to make about Mr Chainrai and his involvement with Portsmouth FC. Is this  a new game overseas rich men are playing with UK Football Clubs? If so it needs new rule!!
This guys a crook pure and simple to say  "We are not the ones who have caused the club to collapse and we are not the ones to choose PKF as administrators." Well I'd disagree - they are these are all the same group of guys that "loaned" each other money to buy the club "loans" that apparently weren't repaid so the club assets pass on to the apparent person / company that made the initial loan. After reading the facts behind this I doubt whether such a loan existed in the first place. This was simply a way of obtaining the assets without having to take on the liabilities; which now means that the only offer for the club is a council backed supprters club bid which is morally the right choice; unfortunately from a football perspective it would struggle at Conference level with just this amount of backing. This guy knows this and once the 11th hour comes around I'd bet he makes a new lower priced approach for Portsmouth. We'll see. In the meantime supporters clubs from around the country should rally behind Pompey supporters and get this business the same sort of publicity levels that the Glazers have been getting at Man United.

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.

15/08/2012 19:59

poor old pompey tee hee , just close the club down and call it a day .

site might be worth using for social housing .

15/08/2012 17:04

As a saints supporter this really upsets me. Listen to the club blaming everyone else but themselves. You were spoon fed by the premier league last time you faced liquidation but your luck may well have run out now. Hope the FA Cup was worth it!!!



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