Date: 17th January 2012 at 10:33am
Written by:

Yep, we have heard it all before but according to Admin Andy and a report on BBC sport (here) the takeover, the latest one, at Pompey is one that he hopes to have done this week…

The ‘preferred bidder’ has been found ‘contracts are in place’ with the ‘next few days pivotal’.

What the BBC ‘understand’ though – and what they understand is something I give more backing to than things sky sports generally understand – is that £12m proof of funds is needed and assurances that a further £20m of payments to former owners can be given.

The BBC report said: ‘Administrator Andrew Andronikou says he still hopes to complete the sale of Portsmouth by the middle of the week.

‘Pompey’s parent company, Convers Sport Initiatives entered administration in November, forcing the Championship club to search for new owners.

‘A preferred bidder has been identified, contracts are in place and the next few days are pivotal, Andronikou said.

‘There is an urgency to complete a deal, as investment is needed if Portsmouth are to meet ongoing running costs.

‘BBC South understands any purchaser would need to provide £12m as proof of funds, and assurances they could meet another £20m in repayments to former creditors, Balram Chainrai and Alexandre Gaydamak.

‘Only one potential buyer has gone public in the process, Italian-American Joseph Cala.


I think it is fair to say that whoever takes over they are bound to be met with scepticism, that is only fair and they have to expect this!

Should it end up being Joseph Cala then ‘sceptical’ would be the least of the things that he should expect…

He cannot be viewed as a ‘preferred bidder’, surely?

His background, and proposals for PFC, are hardly solid are they and getting ourselves out of this permanent hole we have been in for 3-4-years under him is not something you could envisage really is it?

I ‘might’ go as far as saying that should Cala be the man that is turned to then this could well confirm that PFC is beyond saving with the inevitable outcome being a case of how long, and not if, it will be before it is the end of the road…

Lets just hope that Cala’s own thoughts in The News today that he will ‘pull out of the deal’ if it is not complete by midweek are more an attempted ‘face saving’ exercise on his part eh and not an indication that this owner could be him!

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