In a statement this evening, Portpin - the company run by former owner Balran Chanrai - has called for the administrators to be replaced as they say their case is fundamentaly flawed. The firm has offered to take over the running of the club and fund the administration costs themselves.
There was a fundamental flaw at the heart of the administrators’ case, even before the issue regarding the valuation of Fratton Park came up in court. The proposed purchaser of the stadium was simply not in a position to fund the purchase even at the minimum price PST offered. This has been a huge waste of time and money. Legal costs of around £400,000 have been awarded to us against the administrators, money that we are going to pursue administrators personally through the courts, to do all we can to ensure that the Club does not have to pay.
Portpin has offered to replace the administrator and to fund the administration until a fully funded buyer can be found, but to date the administrators have not taken us up on this offer. PKF have admitted in their application that they will run out of funds by the 21st of December. ** In what has already been the most expensive and longest running administration in the history of English football, there can be no further delays if this Club is to survive.