Tag: Portsmouth

Pompey’s Spider Trap: Chainrai Walks But His Web remains

It appears us Pompey fans have upset Mr Chainrai and he no longer wants to own our club. In an spate of dummy spitting of some awe-inspiring magnitude on Wednesday he withdrew his bid to be our ‘reluctant saviour’ for a third time. Firing a tirade of self-exposing blame-shifting Mr Chainrai has taken up Portpin’s bid and walked. A Freudian psychoanalyst would have a field day with this little list of beefs. As one of those that has clearly contributed to beef number one, ‘the negative criticism and lack of support for our takeover by the fans of this club,’  I feel it incumbent on me to return the compliment.  It has to be said though, that my blogging colleagues and I would like it known that we are happy to take this beef squarely on the chin. We feel the negative effect Mr Chainrai has had on the club since October 2009, wittingly or unwittingly, warrants such criticism. Chainrai walking, however, does not completely free the club from his web. Whilst he remains the creditor-in-chief with a charge over Fratton Park, he still retains some influence over its future. He is still the chief negotiating force to be encountered by anyone wishing to take over ownership of the club. This appears to be something of a one horse race currently as the Pompey Supporters Trust seem to be the...

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Is Push Turning To Shove At Fratton Park?

At Home Park last night, Plymouth Argyle comfortably beat a scratch Portsmouth side made up largely of youth team players by three goals to nil in the First Round of this years League Cup. Seldom could such a result have seemed more trivial in comparison with events going on elsewhere at a football club than they did in Devon last night. Portsmouth Football Club has been teetering on the brink for several years now, a story quite brilliantly recanted for us on this site by SJ Maskell, but this morning, with the news that Balram Chainrai and his Portpin company are finally to withdraw their interest in the club, comes the moment at which push comes to shove at Fratton Park. The story of the summer at Portsmouth FC has been one of a desperate battle to off-load the club of high earning players that were irresponsibly signed after the clubs previous spell in administration. One by one, this has been chipped away at, with the clubs administrator Trevor Birch making frequent dire warnings concerning the fact that the clubs immediate future. The last deadline to pass came at the end of last week, when Liam Lawrence, the last remaining senior player on the books at Fratton Park, finally agreed to leave the club. This was supposed to open the door for Chainrai to buy the club from the administrator,...

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Sixteen Days To Save Portsmouth

The darkest hour, optimists might say, comes before the dawn, to which pessimists might counter by saying that one of English footballs longest-running financial seems to be approaching its inevitable solution. At least, the rest of us may consider, we will at least have an answer, one way or the other. The decision of Trevor Birch, the administrator in charge of the yet again financially-stricken Portsmouth Football Club, to announce today that the club will be liquidated on the tenth of August if arrangement cannot be reached with players who are holding out for wages that the two rival bids for the club cannot agree a CVA with. In a statement that may well make the blood of many of the clubs supporters run cold, Birch said: The facts are straightforward: under the terms of the offer for the club, in order to complete the CVA proposal, the players have to leave and conclude compromise settlements. This condition has been imposed by the Pompey Supporters Trust as well as by Portpin – both interested parties have made it clear that they won’t take on the club unless there is movement from the players. We will continue to do all we can to facilitate these deals but the club’s future hinges on the willingness of certain players and their agents to sign up to compromise agreements that are affordable both...

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Minus 10 – Pompey Don’t Do Summers …

… but if they did this one would be pretty much what they’d come up with. Just when you think it might brighten up another rainstorm blows through, drowning all hope of recovery. With the new points deduction imposed by the Football League yesterday Pompey’s Summer continues to mirror that of Rangers in a macabre North – South symmetry. With Pompey’s 2010 CVA being superceded by its 2012 CVA, the League has ruled that the creditors under the former were not given the opportunity to indicate their satisfaction with the latter. Given that the 2012 CVA reduces their payment from 20p in the £ to 0.4p this would seem to have been a serious omission. Baker Tilly representing the OldCo (PCFC Ltd), now in liquidation, at the creditors meeting clearly was not good enough. As a consequence the Football League have imposed four clear conditions on Portsmouth Football Club, and any company that owns it, being a member of League One. Those conditions in their entirety are: 1. Accept a deduction of 10 points in the 2012/13 season; 2. Agree that only a limited proportion of the secured debt from the previous club can be carried forward into the new company as secured debt. 3. Pay all football creditors in full, unless mutually acceptable compromise agreements are put in place. 4. Agree to a range of other restrictions on...

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The Chips Are Down In Pompey Roulette

Pompey Supporters’ Trust have made their bid for the club. Pause to take in the enormity of that statement. This is possibly one of the biggest steps taken in the history of the Trust movement. Not because of the fact that a Trust is in a position to take over a club so recently in the top tier of the game but because they are taking on the most paradoxical owner in its history. A self avowed ‘reluctant owner’ who claims to not want the club, yet has been strangely persistent in his involvement since August 2009. An owner who embodies everything that the Trust movement opposes. In August 2009 Balram Chainrai was one of two names put forward to the Premier League as a potential new owner of Portsmouth Football club. The other was his business partner Levi Kushnir. At that time Sacha Gaydamak was unwilling to sell the club to them as they were suing his father Arcadi in Israel over a failed business deal, it was said. Instead he sold  to Suliaman Al Fahim. Al Fahim managed to keep the club for just one month before a consortium alleged to have been owned by an unknown Arab, Ali Al Faraj, took the club over on 5 October. By 6 October Chainrai and Kushnir’s company Portpin held a charge over Fratton Park. From then dates the stranglehold...

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