February 20 – The Football League has once again rebuffed a rival bid to take over stricken English club Portsmouth, re-iterating they will only consider a fans’ takeover.
A consortium led by Keith Harris, a former stockbroker and chairman of the League but in recent years a leading football financier acting for a number of high-profile clients, has been trying to succeed with a rescue package it feels will give the club a better future.
Harris has offered to give Pompey fans a free 15% stake in the club as part of a revised offer for the ailing outfit. But the League have re-confirmed the only bid they will consider is from the Pompey Supporters’ Trust (PST).
“The Board is not considering alternative applications for the transfer of Portsmouth’s share in The Football League,” said a statement. “It remains focused on a successful transfer of share to the preferred bidder, the Pompey Supporters Trust.”
The statement added, crucially, that the Trust’s takeover is conditional on the group taking control of the club’s Fratton Park stadium. The ground is currently controlled by former owner, Balram Chainrai, who believes he is owed £12m by Pompey and holds the stadium as security via a fixed charge.
The PST had offered Chainrai £3m but the Hong Kong-based businessman has so far refused to sell. Administrators are attempting to force the sale of Fratton Park through the High Court seeking an independent valuation but several hearings have been postponed.
Harris’ initial offer was rejected as talks continue about saving a proud club that has been in administration for a year with debts of £61m. “We are about to get 100% of the club as Pompey fans so why on earth would we be interested in an offer giving us only 15%?” asked PST spokesman Colin Farmery.
But in an interview with local newspaper in Portsmouth, Harris said his group could purchase the ground from Chainrai within 12 months.
“It is our absolute intention to buy it, but we don’t want to be a hostage to fortune and say we are going to buy it in a month,” he said. “I think we have struck a very reasonable deal with the owners. I have dealt with them before. We both know where we come from.”
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