Chainrai bids to buy back Pompey

Portsmouth's former owner Balram Chainrai has made an offer to buy back the stricken club.

The offer, from Chainrai's company Portpin, is the only one Pompey's administrators PKF have received but, if it is accepted by creditors, the club could be out of administration within six weeks.

Administrator Trevor Birch said: "PKF has not received bids from any other potential buyers and we do not expect any new bidders to emerge before the club runs out of money."

He added: "We've made it clear from the start that a new owner would need to demonstrate that it cannot only fund a Company Voluntary Agreement that is acceptable to creditors, but also cover the club's ongoing operating losses.

"Only Portpin has been able to give us the necessary assurances that the funding will be in place. This is important because at some stage it will have to give The Football League those assurances too.

"Portpin has made an offer to buy the club. The offer will form the basis of a proposal for a CVA that, in the circumstances, is likely to give the best possible deal for creditors of Portsmouth Football Club (2010) Ltd and provide the most realistic opportunity for protecting the club's financial position going forward and avoid liquidation.

"We are aiming to send details of the proposed CVA to creditors next week. Creditors will then get an opportunity to vote on the proposals at a meeting to be scheduled for early June. If the CVA is accepted, it will pave the way for Portpin to acquire the club by early July."