Portsmouth FC back in limbo after Chainrai withdraws bid
by Tom Walker | 15 Aug 2012
Portsmouth Football Club (PFC) is in back in danger of liquidation after former owner Balram Chainrai withdrew his bid - made via his Portpin company - to take over the club.
The future of the club now rests on the shoulders of the Pompey Supporter's Trust, which has vowed to secure the ownership of the club from its administrators.
Trevor Birch, PKF partner and joint administrator of PFC, issued a statement saying: "We note that Portpin has withdrawn its bid.
"We are therefore urgently seeking a meeting with Portpin and the Pompey Supporters' Trust to determine if the Trust's bid can be bought to a successful conclusion."
PFC has endured a catastrophic fall from grace since winning the FA Cup in 2008. When it first entered administration in 2010 it was revealed that the club had debts of nearly £120m.
The club has since suffered two relegations from the Premier League and npower Championship respectively and is currently playing in npower League One - the third tier of English football.
Due to restrictions to player budgets, it was forced to field a depleted team consisting of mainly under 18-year-old youth players for its first game of the 2012-13 season - a Capital One Cup tie against Plymouth which it lost 3-0.
Portsmouth Football Club (PFC) is in back in danger of liquidation after former owner Balram Chainrai withdrew his bid - made via his Portpin company - to take over the club. The future of the club now rests on the shoulders of the Pompey Supporter's Trust, which has vowed to secure the ownership of the club from its administrators. Trevor Birch, PKF partner and joint administrator of PFC, issued a
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