"Very real risk" of Portsmouth liquidation

© PA Photos
Balram Chainrai suspends his offer to buy Portsmouth and says that there is a "very real risk" that the club could enter liquidation.

Portpin chairman Balram Chainrai has suspended his bid to buy Portsmouth and revealed that there is a "very real risk" that the club could enter liquidation.

Chainrai has been attempting to gain control at the financially-stricken Fratton Park outfit, but his hopes were knocked back when administrators PKF took the preferred bidder status from Portpin and gave it to the Pompey Supporters Trust three weeks ago.

The Hong Kong businessman has said that the actions of chief administrator Trevor Birch gave Portpin "no option" but to stall on their offer, which is apparently in a position to offer Portsmouth financial stability for the next four years.

"I believe there is a very real risk Portsmouth Football Club will end up being liquidated despite our best efforts to proceed, which are being knocked back at every turn by PKF," said Chainrai.

"Sadly we feel the administrators are deliberately driving events in this direction so until there is a clear resolution from the Football League regarding the PST bid, we have no option other than to suspend our offer.

"We are in a position to pay football creditors in full, provide the financial guarantees and a multi-million pound funding facility as required by the Football League through to June 2016, and could complete the purchase of the club in the next few days.

"But none of this can happen until there is a clear decision from the Football League on whether or not to approve the PST bid."

Chainrai also claimed that Pompey's uncertain future was a key factor in Michael Appleton's departure from the club.

Michael Appleton
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