Pompey administrators help with fee reduction

Michael Appleton
Portsmouth manager Michael Appleton. Photo: PA

Portpin are ready to move forward with their takeover of financially-troubled Portsmouth if the administrators agree to a reduction in their fees and legal fees.

A compromise agreement reached with the only remaining senior professional on Portsmouth's books, Liam Lawrence, on Friday averted the immediate threat of liquidation and joint administrator Trevor Birch said at the time that the major condition imposed by Portpin had now been met.

Portpin principal Balram Chainrai said in a statement to Sky Sports News tonight that he was encouraged by the efforts of everyone at Portsmouth, but claimed the fees involved would have to be reduced.

"Although not all CVA terms were met, we are ready to move forward," Chainrai said.

"All players and staff made a lot of efforts to compromise their situation and we accept agreements to move forward, subject to passing Football League requirements.

"Portpin also request that the administrator, and their lawyers, reach a compromise with Portpin to reduce their fees of £1.85million, including legal fees of PKF lawyers, which we believe are extremely high.

"We request administrators to reduce their fees by £200,000 and a further £100,000 deferral to 2013 and another £100,000 deferral to 2014 - like all players who have deferred their compromises for four years.

"We are waiting for them to confirm this discount, so we can use all proceeds from the parachute payment to rebuild the club.

"Monies will be used to rebuild this club from the bottom and, with the help of the manager and employees, I hope we get support from fans after saving this club, once again, from its grave.

"Portpin is ready to move forward subject to the administrator accepting to reduce their fees and legal fees."

There is still plenty of uncertainty with manager Michael Appleton currently working with a squad made up of trialists and youngsters and as yet he is unable to recruit players - while their first competitive match of the season is against Plymouth in the Capital One Cup on Tuesday.

Players such as Jon Harley, Brian Howard and Izale McLeod, who have been training with Pompey, are all understood to be keen to join.

Portpin are in pole position to take over at Fratton Park although fans' group the Pompey Supporters' Trust are also in the running after securing a £1.45million loan from the local council.

Birch said on Friday after the agreement with Lawrence had been reached: "We have now successfully completed agreements with all of the first-team squad and met the major condition of the offer from Portpin, which formed the basis for the CVA proposal.

"We will now aim to finalise our discussions with Portpin with a view to completing the sale of the club as soon as possible.

"The intention is to push this through early next week in order to ensure that player recruitment can begin as quickly as possible for the start of the new season.

"The offer from the Pompey Supporters' Trust remains a fall-back position and we are pleased to note that the council has agreed to provide a loan facility to support the Trust bid.''