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Pompey hanging on by a thread

The case to decide the future of Portsmouth Football Club has been adjourned until 14:00 GMT on Friday.

Thursday's hearing between the club's administrators, PKF, and Portpin, the company of former owner Balram Chainrai, had been to ask the High Court to force the sale of Fratton Park.

PKF asked for an adjournment because of "a significant change in the terms of the transaction relating to REL".

REL (Robinson Estates Limited) is connected to property developer Stuart Robinson, one of a number of 'high net worth' individuals who make up the Pompey Supporters' Trust.

Who is who in Pompey saga
•PST - The Supporters' Trust hoping to buy Portsmouth Football Club.
•PKF - The administrators dealing with the sale of Pompey.
•Portpin - Former owners of the club led by Balram Chainrai who are also vying for control of Pompey.
•Walker Morris - Law firm representing Portpin/Chainrai.
•Sacha Gaydamak - Proprietor of land around Fratton Park owned through Miland Developments.
•David Rubin & Partners LLP - Administrators of Miland Developments.
•REL - Robinson Estates Limited

Robinson had been scheduled to buy Pompey's Fratton Park stadium as well as land surrounding the ground once the PST took control of the club.

Fratton Park is currently controlled by Chainrai, who is owed £12m by the club and holds the stadium as security.

PKF had named the PST as preferred bidders for the club, who have been in administration since February and are said to be £61m in debt.

But the sale of Pompey to the Trust was conditional on PKF forcing the sale of Fratton Park.

The PST has offered Chainrai £2.75m for the stadium, but the Hong Kong-based businessman - who was not at the High Court on Thursday - has refused.

Chainrai is still hopeful of taking control of the club for a third time and Portpin's QC Richard Sheldon said in court they were "worried about the future of the club and do not want to see the club liquidated".

That scenario is still very likely if the Trust do not take control of the club.

"Obviously this has always been a very complex case, and the fact we have this adjournment for 24 hours is not a complete surprise," said PST spokesman Colin Farmery told BBC South Sport.

"The important thing is that we get the right outcome for Portsmouth Football Club, and if we need to take another day, week or month to achieve the right outcome for Portsmouth Football Club then that time is worth taking.

"But at the moment we need to take some time out to digest the discussions that are going to be taking place over the next 12-24 hours."

PKF added: "We will use this time to explore our options and take stock of the situation."

Portpin were unavailable for comment.

The case continues.

Comments

  • Indestructible - they will see it through, it seems impossible for them to go out of business.
  • Why won't they just die?
  • After meeting one of the key guys in the PST after our Trust launch (his missus is an Addick) I can only say best of luck to them.
  • The cockroach of football, they would be running out at Fratton Park after a global nuclear war had devastated the whole planet.
  • The cockroach of football, they would be running out at Fratton Park after a global nuclear war had devastated the whole planet.

    Portsmouth Football Club would like to welcome our new alien overlords to Fratton Park...

  • I feel for the fans (even the twat with the bell) it's not their fault sundry crooks and Rosie the Dog (allegedly) bled them dry.
  • It sounds like both sides have realised that coming to an agreement before tomorrow lunchtime is, potentially, best for both of them.

    This Property company (REL) I find interesting. Is the plan to seize the ground and then refinance it or sell it on? Didn't Palace buy Selhurst for half its value as part of their escape from Administration a couple of years ago?

    If the ground is, indeed, worth considerably more than the £2.75m they've offered for it then it should be developed on and the revenue should go to whom ever lent the month secured on it in the first place.

    It's such a mess. They knocked c. £150m a couple of years ago and now owe c. £60m. The club really do deserve to die. I do feel sorry for the fans (even though they were more than happy to celebrate their FA Cup win bought with someone else's money) but this club needs to be liquidated so that they can't fleece any one else!
  • "Portsmouth FC are proud to announce that to celebrate 100 years of administration, we will be spending £10m on new signings during the transfer window".............
  • "Portsmouth FC are proud to announce that to celebrate 100 years of administration, we will be spending £10m on new signings during the transfer window".............

    That really does some the whole thing up though, good one Tango
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Roland Out Forever!