Portsmouth FC on the brink of liquidation

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PKF’s administrators thought that they had done what was necessary to save Portsmouth FC by offloading first-team players, but matters took a turn for the worse this morning when Balu Chainrai withdrew his bid to buy the club.

Chainrai had been expected to complete the deal this week after PKF’s Trevor Birch spent the past few weeks offloading first-team players in order to push through a sale of the troubled club.

However the Hong Kong businessman released the following statement to Sky Sports News this morning:

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Robert Lovell
Managing Editor
AccountingWEB.co.uk
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14th Aug 2012 13:13

the way it should always be for football clubs

if only rangers had followed the same route;

there would have been no relegation

deals will have been struck with the big players in rangers, and /or ongoimg  losses on them limited like pkf did with haim & lawrence.

 

the american route to administration is far more "entity freindly" and this route is the best half way house for everyone at portsmouth. 

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By scaldro
15th Aug 2012 14:36

Clueless

 

Completely different to the Rangers case

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14th Aug 2012 13:42

nice to see that

the over paid players have repaid the loyalty shown to them by their fans - but i guess if you have a 1.5 mill mortgage.....

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15th Aug 2012 14:05

its not comparable with Rangers

chalk and cheese

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