I keep reading ill-informed comments (particularly on the News site) about how Balram Chanrai has taken Pompey into administration twice and is, therefore, not fit to run a football club. While technically Portpin was the de facto owner of the club on both recent occasions it entered administration it could be argued that he is as much a victim of circumstances as anyone else. The first administration was due to the largesse and mismanagement of previous owners and, with an HMRC winding up order ensuing, if he hadnât done so the club would have been liquidated. The second time was due to the fact that the clubâs parent company itself was in administration and the club was under threat of another winding up order due to having its funding stream removed. In all honesty, the club probably should have been wound up but we continue to limp on. Notwithstanding PFKâs remit is to protect the creditors and maximise the amount they can salvage from the wreckage, Trevor Birch does seem to be thinking of the wider picture and is attempting to keep the club both a going concern and with a future. While the PST has a lot of merits it has not demonstrated that it has the funding stream necessary for the long term prosperity of the club. Trevor Birch seems to have given the PST every chance but it appears it has still not convinced him, or many of the fans, that it has the necessary foundations to take the club forward. I suspect that he would prefer the PST to take the reins but the numbers obviously donât stack up otherwise a deal would surely have been done by now. Mr Chanrai has a lot to do to prove to us that he is the right choice but, unless there really is another credible bid out there that is being fast-tracked through, if the PST canât strike a deal then the only other option is Portpin. This is not an ideal scenario for anyone, but, reluctant owner or not, if it is the only show in town then it is madness to put barriers up that prevent Portpin from taking over for a third time. I have said before that he may not be a good owner but that does not make him a bad man. I have no doubt that in both instances Mr Chanrai did not save the club out of altruism but to protect his own interests. However, if not for him the club would have been liquidated. My great fear is that by petitioning against Portpin we leave PFK with no alternative but to liquidate anyway. As they say, be careful what you wish for.
I must say this looks like one of the most carefully thought out threads I've seen regarding the current situation. I think the vast majority of Pompey fans [certainly on here] have jumped onto the 'any-one but Chainrai' bandwagon; and I'm as guilty as the next man of doing so. The main fear I think, for most of us, is that, if Chainrai does gain control of the club, he will put the recovery of his money first and Portsmouth Football Club second. If Trevor Birch also believes this then he must surely give the other bidders the opportunity to put their money where their mouths are. If, however, he truly believes that Chainrai has the best interests of the club at heart [some-thing I think most fans would question at the moment] then he must go with his instincts. Regardless of Chainra's motives; if he is the only one with sufficient funds to take on the club and its debt; and the choice is him or liquidation, then it's going to have to be a case of "better the devil you know" As the 7th Doctor [Who] used to say; "Time will tell. It always does."
Good thought provoking thread, LFiH I can see why the idea of BC /Portpin taking over again appalls most PFC fans (including me). He appears to be merely looking after 'Number 1', i.e. himself, to protect and ultimately (he hopes) recoup his £17 million that he "lent" to his "pal" Ali Al-Faraj. If he succeeds, then it will disasterous for both the fans and Michael Appleton, who has of course spoken out against BC in the recent past, and to my mind, it will be, to coin a phrase, "Goodnight Vienna !". PUP
It is this sentence which is at the root of the problem really. Many supporters don't believe that the PST will be able to sustain the club too long into the future, others point at the fact that no funds will be removed from the club which will solve the problem. On the other hand other supporters labour under the illusion that to recoup his loan Chanrai will realise that he has to invest to be able to regain his funds. There are also supporters who don't care who owns the club as long as they still have their team to follow. The only thing that everyone agrees on is that Chanrai wants to get his money back. Some ask "why?" others ask "why not?"
I wrote this the other day on the Chanrai on the offensive thread and agree with LFIH...........we have no real choice "The trouble is if he does become the owner again we won't get anywhere by marching against him/slagging him off/not showing up to games - we really need to back him but hold him to the words he's uttering now....in truth bar being not allowed to take over by the FL I think he will take over. Just wish the PST had someone with 20M backing them up. PUP"
I am not close to the situation but LFIH's post appears to be close to the money. The critical point he makes is that Birch represents the creditiors - not the supporters although he may occasionally find it prudent to make noises that disguise this basic fact . Chainai wants - eventually - his 15 million. Any other owner has a hostile Chainai on their back with claims which might (i don't really know ) put him in front of other creditors. If he is owner and subordiates his claim relative to other creditors (ie changes the 15 million, or part of it, to equity) the 'other creditiors move up the line a little'. It is hard therefore for me to envisage how there can be an owner Birch will favour above Chainai unless they have funds to pay Chainai out in the fairly short term. Clearly the supporters Trust cannot do this. Whilst none of this is good as an owner Chainai's intent to recover his money is not entirely at odds with the sucess of the team. if he is not the owner it might be.
I'm not an expert, but I thought there was legal action to reduce BCs secured debt from the £17 million to the actual value of the land it is secured against I.e. £2 million. If this succeeds then the grip that BC has over your club is reduced to a manageable level.
What amazes me still is why the serious fraud office have not got involved. The club was clearly used to launder money, what happened to the transfer fees of £100 mn + that were made in one season plus the £46mn Sky money and still left debts of over £150mn. someone or a group of people trousered this money. El Mirage was someone that as far as I can make out never existed so how could BC lend him £17mn and what for, wasn't he a rich Arab, why was this so called loan secured on the club's ground (worth much less tha the loan) and not also the clubs undertaking under a floating charge? Al Fahim 's involvment was highly suspect and he should not be allowed anywhere near the club.
