(Lack of) Courtroom drama in Portsmouth case adjournment

There were no pointed fingers, no loudly-screamed objections and no battle of wits between be-wigged barristers today, as the ongoing court battle to decide the fate of Portsmouth FC was adjourned. As the club languishes under the administration of PKF, two rival bids to purchase the club are on the table. The first option and PKF’s preferred bidder is the Portsmouth Supporters’ Trust, who – provided they can sell Fratton Park to raise the funds needed – would take control of the club following a sale agreement with the administrators. However, Portpin and its owner Balram Chainrai are refusing to…

(Lack of) Courtroom drama in Portsmouth case adjournment

Posted by

Andy

December 13th, 2012

Share on Google+

There were no pointed fingers, no loudly-screamed objections and no battle of wits between be-wigged barristers today, as the ongoing court battle to decide the fate of Portsmouth FC was adjourned.

As the club languishes under the administration of PKF, two rival bids to purchase the club are on the table.

The first option and PKF’s preferred bidder is the Portsmouth Supporters’ Trust, who – provided they can sell Fratton Park to raise the funds needed – would take control of the club following a sale agreement with the administrators.

However, Portpin and its owner Balram Chainrai are refusing to sell the ground, holding it hostage as part of the £17 million they claim to be owed.

Proceedings took a strange turn today as it emerged that REL, a real estate company connected to one of the PST’s key figures Stuart Robinson have made “a significant change in the terms of the transaction” which would have seen them purchase the ground.

In light of this, the administrators PKF asked for the adjournment at rather short notice. According to live tweets from a local paper, the courtroom filled up, then emptied again, then filled back up and emptied again over one lunchtime. Chainrai and associates were seen nipping back into the courtroom to gather their coats and big legal briefcases before leaving again to begin talks with the administrators over the new developments.

PKF wishes to ask the court to order the sale of Fratton Park so that the ball can start rolling on the sale of the club. The hearing will resume tomorrow afternoon.

Comments are closed

Find us on Google+