Former owner Chainrai bids to regain control of Portsmouth

Updated: 19 May 2012 10:19 IST

Hong Kong-based businessman Balram Chainrai has made an offer to buy back cash-strapped League One club Portsmouth.

Former owner Chainrai bids to regain control of Portsmouth
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London:

Hong Kong-based businessman Balram Chainrai has made an offer to buy back cash-strapped League One club Portsmouth.

Pompey, who were relegated to English football's third tier at the end of the current campaign, are believed to be around £58 million ($91m) in debt after previous owners Convers Sports Initiatives (CSI) went into administration.

Chainrai sold Portsmouth to CSI in 2011 and is owed around £19m by the south-coast club, who have been faced with the threat of liquidation.

But administrators PKF revealed on Friday that Chainrai's company Portpin have made a bid for the financially stricken 2008 FA Cup winners and if it is accepted by creditors, the club could be out of administration within six weeks.

"PKF has not received bids from any other potential buyers and we do not expect any new bidders to emerge before the club runs out of money," administrator Trevor Birch told the club's website.

"We've made it clear from the start that a new owner would need to demonstrate that it cannot only fund a Company Voluntary Agreement that is acceptable to creditors, but also cover the club's ongoing operating losses.

"Only Portpin has been able to give us the necessary assurances that the funding will be in place."

Chainrai insists he would never let Portsmouth -- relegated from the Premier League in 2010 -- go into liquidation, but he concedes it will be a long road to recovery from such a perilous situation.

"I always said I would not let the club be liquidated. I'm a businessman but I realise that the club will only have value if it is successful," he said.

"I now want to turn things around at Portsmouth Football Club and see the club regain its rightful position. The success of this goal can only be achieved if all parties with a vested interest in the club's business work together.

"Let's not be under any illusions though: we are planning to take on a club with severe financial problems that cannot be fixed overnight."

Topics : Football
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