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SBD Global/March 19, 2013/Franchises

Portsmouth Future Takes New Twist With New $9.5M Bid From Keith Harris' Consortium

The battle to assume control of League One Portsmouth "took a new twist" when it emerged that Keith Harris’s consortium has made a £6.3M ($9.5M) bid for Fratton Park, a figure more than double that offered by the Pompey Supporters’ Trust, according to Tony Evans of the LONDON TIMES. In a letter to club administrator PKF, the Harris group said that the cash offer “will take the form of an immediate payment, and will not be dependent on any deferred consideration”. PKF has given "no indication as to whether the offer is under serious consideration." Former Owner Balram Chainrai claims that the club owe him £12M ($18.1M), "which is secured by a fixed charge on Fratton Park through his Portpin company." PST has asked for an independent valuation of the stadium and will go before the High Court next month to "try to force through the sale to the PST" for £3M ($4.5M). Portpin is "believed to be ready to release its security" on the stadium if PKF takes up the Harris offer (LONDON TIMES, 3/18) .
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