Thursday, August 02, 2012
Portsmouth fans have raised just £3million of their £8million target to buy the club - but are to go ahead with their attempt to take control at Fratton Park.
They will seek a near-£1.5million bridging loan from the local council to make up an immediate shortfall in their bid, before using £11million in parachute payments due from the Premier League and a revised business plan to patch up their bid.
The Supporters Trust plan includes an offer to rival bidder Balram Chanrai of just £2.75million for his £17million debt and the deeds to Fratton Park, and they hope to pay off players with a total of £2million. That plan may be futile with Kanu currently having a £3million claim himself lodged with the League and with the departed playing staff having already agreed settlements near to the £2million figure in total.
Meanwhile, Port Vale's local council say the club's extended period of Administration will mean it will have ploughed £1million into the Vale Park black hole before it will see any return. The council hopes to get nearly half the money back once a sale is made, having originally agreed to a £600,000 bail-out of the club in March.
Meanwhile, former Valiants bidder Mo Chaudry says any new bidder for the club will have to stump up £1.3million just to take over the club - and a further £500,000 over the next two years to steady the ship. Chaudry says he has no intention of re-entering the race for the club, adding that if Keith Ryder's bid fails then he sees little future for the current company.