Pompey creditors criticise Birch
Portsmouth's major creditors have called on all parties to 'work together' in a bid to prevent the club from going out of business.
Last Updated: 03/03/12 11:31am
Portsmouth's major creditors have called on all parties to 'work together' in a bid to prevent the Championship club from going out of business.
The Fratton Park outfit are in administration for the second time and administrator Trevor Birch has admitted Pompey do not currently have the funds to finish the season.
Much of the blame has been laid at the door of Portpin Ltd, and its shareholders Balu Chainrai and Levi Kushnir, whom are alleged not to have the club's interests at heart.
However, in a detailed statement, Chainrai and Kushnir have defended their position, saying: "Portsmouth FC has reached a critical juncture.
"It is with an increasing sense of real frustration that we feel the process of finding an equitable solution is being derailed.
"This is a tough but not unsolvable situation. However, if people are more concerned with chasing shadows and hearsay in anticipation of being unable to complete the assignment instead of rising to the challenge of and actively finding suitable buyers, the club will cease to exist.
"There are no winners when a business dies. We need to collectively find a solution to save the club."
In its statement, Portpin say they have not received a penny of the money promised by the now discredited CSI group when they agreed to buy Portsmouth in 2011.
Portpin insist that Portsmouth can be saved from the threat of liquidation, but have questioned the attitude they feel Birch has adopted.
"We do not understand PKF's approach," said the statement. "Daily, we find ourselves attacked in the press by PKF.
"The ultimate irony here is that PKF acted as financial advisor to CSI in the acquisition of the club from us.
"If they had felt anything was untoward in the history of the club and its financing, they would have flagged that to their client at that time and advised against the purchase.
"As clearly evidenced in their due diligence report to CSI on the acquisition, they supported the purchase entirely.
"It is therefore quite peculiar that PKF is now pleading ignorance to terms that were agreed in not only the first CVA but also to the purchase of the club by CSI less than five months ago.
"We honestly felt we had put Portsmouth in as sound as possible a financial position when we sold it to CSI.
"You can imagine our surprise, then, when CSI got into extreme financial distress and we were forced to once again become reluctant owners.
"We do not want to see the club be forced into liquidation, as the current administrator appears to be suggesting.
"Given that no creditor or new buyer has agreed to step forward yet in this short time to fund this administration process run by PKF, it appears that liquidation may be the only way PKF would be able to get paid.
"Otherwise, we don't understand why after only two weeks on from their appointment - Trevor Birch and PKF want to register on their record a liquidation of this very proud club.
"We, on the other hand, call on all parties involved to work together to try to find any other solution that liquidation of a football club that has been in existence since 1898."