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Chainrai: Portsmouth fees need to be reduced

12 Aug 2012 08:17:09

Chainrai: Portsmouth fees need to be reduced

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

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 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."


PA

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