Pompey creditors accept Balram Chainrai’s offer

Balram Chainrai

Balram Chainrai

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The CVA proposal to bring Pompey out of administration has been agreed.

In the two-hour meeting held at Fratton Park this morning, Portpin - which is owed around £18m - waived exclusivity, paving the way for bidders to come forward.

This means the Pompey Supporters’ Trust can pursue their bid for the club.

However, an agreement must first be made with Portpin and former Pompey owner Balram Chainrai, which will involve either settling the debt in full, reaching a compromise or going through the courts.

Mick Williams of the Trust said he was pleased and that it was ‘a step in the right direction.’