Hong Kong businessman and former owner of Portsmouth AFC Balu Chainrai has withdrawn another bid to buy the club and save it from liquidation. The administrator is Trevor Birch, who lasted six weeks as our CEO some years ago.
Chainrai said: "Portpin Ltd regrets to announce that it is withdrawing its bid for Portsmouth Football Club.
"Unfortunately, our efforts to save the club once more from extinction have hit a wall of rejection and lacking co-operation from the administrator and other interested parties.
"We are not the ones who have caused the club to collapse and we are not the ones to choose PKF as administrators.
"As history has recorded, we sold the club over a year ago after saving it from liquidation and unfortunately found ourselves again fighting to try and save the club from another liquidation.
"Through this administration process over the last six months we have always had the club's best interest in mind - unlike many parties who were involved in the process.
"We repeatedly encouraged the administrator to find a new, willing and able buyer to take over the club - unfortunately he was unsuccessful in this job and couldn't find a buyer despite his promises.
"Later he approached us to be his safety net to save the club as he couldn't find a buyer. We agreed in the effort to avoid liquidation of the club.
"We welcome and will assist anyone, including the supporters trust to try and save the club in the coming days."
Chainrai's withdrawal leaves only the Pompey Supporters Trust as prospective buyers for the club.
They said: "We call on Mr Chainrai to do the decent thing and accept the PST offer to purchase his charge on the club, and therefore walk away from Pompey, regaining some of the money he has lost, and leaving the club in the hands of the people who will truly cherish it and ensure that it continues as both a business and a legacy for the future.
"SOS Pompey has campaigned for Mr Chainrai to finally leave Pompey and we hope that this latest news could be the light at the end of the tunnel, which ultimately returns the club to the fans.
"Portsmouth FC is the lifeblood of the fans and the city and we ask all supporters of the club, the people of Portsmouth and football as a whole, to support the work of the Pompey Supporters Trust in their continued efforts to secure its future.
"Pledges are still wanted and both these and donations can be made via http://www.pompeytrust.com."
Portsmouth won the FA Cup in 2008 and then Harry Redknapp walked out as manager just months before they suffered financial collapse. All very sad.
So....be careful what you wish for?
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