He may have withdrawn his bid but the old shark still has that debenture over the ground. PST apparently did make the offer of £2.75m which he rejected as he wants 4 times that amount. Birch now urgently trying to get Portpin and PST to a meeting.
From the News: http://www.portsmouth.co.uk/sport/p...g-with-supporters-trust-and-portpin-1-4162784 POMPEY administrator Trevor Birch is urgently seeking a meeting with Portpin and the Pompey Supporters’ Trust after Balram Chainrai withdrew his takeover bid. In a statement, Mr Birch said: ‘We note Portpin’s statement that it has withdrawn its bid for Portsmouth Football Club. ‘In reviewing the options available to the club, we also note Portpin’s offer to support any efforts to save Portsmouth in the forthcoming days. We are therefore urgently seeking a meeting with Portpin and the Pompey Supporters’ Trust to determine if the Trust’s bid can be brought to a successful conclusion. ‘We are working behind the scenes with Michael Appleton to enable the club to field as strong a team as possible for its first League match on Saturday.’
Didn't the trust budget for a far lower player pay off etc total. I heard they had a budget of 6mil for it, but Birch has said it is now 12m. Wouldn't surprise me if Chanrai just wanted your club to die now. Shame tho I love the banter from the normal pompey fans, hope you sort something out
BC is showing his true colours. He says he wants to help PST but wants too much from them for the ground. Terminate!!!!
Wow. The trust just went big time. I might even have given you some money, if I had any. That is a huge development and I have no idea what happens now.
This has to end up being decided through the courts surely? Apparently District Auditor valued the ground very low, something just over £2m. Found this a bit concerning though - him being on the inside, so to speak, he would know better than any of us. @GregHalford15 What the hell is Chanrai doing???????? Him and birch are taking the p**s. birch has never had the clubs best interests in mind!
Also now the PP is gone, didn't the trust earmark that for wages etc?. It's almost if Birch wants you to fold.
I heard on the radio last night, then remember reading about it last year, that Plymouth Argyle took legal action against their Administrator over his fees, and if I recall correctly, they won. The biggest hand the PST hold is that no one individual would want to be the "one" who caused the club to be liquidated.
Newcastle fan in peace. It's such a shame what's happening to your club at the moment. Quite shocked at the news he's withdrawn his bid, but from reading this board over the last few weeks I get the impression he wasn't welcomed at the club any more. Just out of interest why is he not wanted by the majority of fans? Also is there anything stopping you doing what Rangers did where the company gets liquidated then the supporters trust or whoever buy the rights to the name and what not and get the license for the league transferred over to the new company? I'm surprised Harry Redknapp hasn't put a package together to buy the club. Would you guys welcome him back in some capacity for a third time?
Jordan Cross is currently holding a webchat for an hour. Information so far: * Asked about what wage budget the Supporters Trust will allow - answer, £2.65 million * Asked whether the Trust's bid can be successful - answer, Cross says they're more organized that Chainrai was and are a credible bid. * Cross has complained about Chainrai's lack of professionalism and broken promises.
Fantastic news to wake up to .. Have any of you pledged money to the PST ?? I am looking to see if I can .. this could be the start of the long road to recovery!
More info from the webchate: * The Trust have made allowances for the failure to collect some pledges and are focusing more of the high net worth individuals at the moment. * asked about potental new signings - answer, "positive noises" on that front, not trialist have left yet so Cross thinks there's reasons to be hopeful.
Not meaning to put a downer on it MAJR but has he said anything about the trust need the players to take a 75% cut in their money owed?.
Jesus, look at the bottom of this page- it is certainly getting a lot of attantion 16 members and 11 guests right now .. nice to see so many people interested in the going on at Pompey
The majority of the fans know that Chanrai has one intention - to recoup a £17m loan that he made to Al Faraj's company Falcondrone Ltd - otherwise known as El Mirage as nobody has ever seen him - ostensibly a loan made to PFC, although it never did go through PFCs bank account. That was confirmed by the previous Director of Finance before she left. As there are no assets left to strip from the club the fans could only see a death by a thousand cuts. He made a foolish move by making the loan and then slapped a £17m fixed charge over the club. That is the main reason - anyone who was under the illusion that he would invest to keep the club going is seriously delusional.
Not come up yet. And Cross is in full blown anti-Chainrai mood anyway so I dont know how much he's paid attention to that.
Let's not forget that all of them (apart from TBH I think) pledged their £1k to the PST so will be in the mood to renegotiate - after all they will own a part of the club.
