Supporters Trust Submit Pompey Bid
By Jim Bonner
Updated Friday, 22nd June 2012
PST up against Chainrai for ownership of Portsmouth FC.
The Portsmouth Supporters Trust has finally submitted a bid to take over Portsmouth Football Club before the all-important creditors meeting on Monday.
Despite the claims that a bid before the CVA meeting was "unlikely" the Trust have managed to place their offer on the table to buy the club, although the details have been undisclosed.
If Trevor Birch is satisfied with the bid, which involves buying Fratton Park, then he will ask Balram Chainrai if he wishes to accept it as part of his debenture on the stadium. If he doesn't, Birch will have to go to court and attempt to get Chainrai's debenture dropped entirely.
Whatever the Trust's offer is for the club and whatever you might think of the people running it and just how they're going to do it, at least the club would be run by people who care about Pompey.
That is more that can be said for Balram Chainrai and his plans to bleed the club dry before it dies. Matt Scott of the Telegraph has written an excellent article on Portpin Ltd which is well worth reading if you believe Chainrai to be some sort of saviour.
Monday will be the day that shapes the future of our great football club. Will the creditors accept Portpin's 2p-to-the-pound CVA? Will they have the chance to vote for the Trust's supposedly better offer or will there be another twist where the proposals get rejected altogether?
There are more twists and turns to come yet...