Portsmouth release club statement

Colonel Ronan · Feb 23, 2010

Portsmouth Football Club Statement

Portsmouth FC said:

Businessman Balram Chainrai, the owner of Portsmouth Football Club, has today served notice that the club will go into administration unless new owners can be found by Friday (February 26).

Mr Chainrai and fellow investors from his Portpin investment vehicle are in London to continue talks with representatives of four different groups interested in buying the club, but have had to reluctantly accept that it is now unlikely a deal can be done before a winding-up hearing, due to be heard in the High Court on Monday.

Their spokesman, Phil Hall, said: “There is now only a short window of opportunity for buyers to come in with a credible offer. We have to be realistic and having the club wound up is not an option as far as we are concerned.

“They are the victims of circumstance, having injected funds in the form of a short-term loan to the Al Faraj Group, who subsequently invested the money in the club.

“The partners have put £17m of their own money into the club and have a responsibility to ensure Portsmouth Football Club survives.

“Administration would mean the club re-emerging as a healthy financial entity. The club would then become an attractive proposition for a potential buyer who could invest new funds in rebuilding the club’s future.

“We would like to ask the fans, the staff and management of Portsmouth Football Club for their support and patience should this step be taken, as they believe it is the only route left open to them.

“The serving of this notice means the winding-up order is automatically suspended. It means the club is safe, it can fulfil its fixtures and as far as is possible it is business as usual.

“Mr Chainrai hopes the supporters will get fully behind the team as usual for their Premier League match at Burnley on Saturday and the following weekend’s FA Cup quarter-final at home to Birmingham.

“Mr Chainrai has agreed to continue funding the club going forward until its long-term future is decided. He will also pay for the administration process out of his own pocket.”
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