Alexey Gerdt on the news that the deal with CSI looks like it has, or will, fall through.
Trustful and reliable sources have told that acquisition of Portsmouth Football Club by Convers Sports Initiatives is up in the air and looks like it may not even going to happen at all.
Recently all of the CSI shareholders have passed ‘Fit and Proper’ tests, provided proof of financial sound and stability in order to secure and complete the acquisition of Portsmouth FC. Sources also saying that apart of that they’ve put all the necessary guarantees in place with regards to commitments of future investments into the club and its infrastructure, moreover there was an escrow account also opened in one of the UK Banks with necessary sum transferred back in February towards the completion of the deal.
Everything was set up and acquisition should have been completed within few weeks, however current club owners Levi Kushner and Balu Chainrai have decided to request an additional 3 million pounds on top of agreed sum. During the last few months they were constantly changing fundamental agreement terms.
There are also rumours that originally Mr Chainrai was happy to accept the price for the club which equals his initial investment but from day one negotiations with CSI Mr. Kushnir and Chainrai changed his mind. The deal was negotiated and agreed between all parties months ago but Levi and Balu increased the price number of times which is at the moment could go up to £35 millions.
At the moment information known by the source states that CSI and their shareholder have decided to walk away from the deal and do not proceed with the purchase of Portsmouth FC.
Written by Alexey Gerdt.
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