5 Oct 2010Portsmouth takeover held up by administration

Football Clubs News | Football Finance News

Balram Chainrai's long-awaited takeover of Portsmouth is "99.9 per cent" complete, but yet to receive the green light from the Football League, according to administrator Andrew Andronikou.

Speaking to Portsmouth News, Andronikou reaffirmed his backing to Hong Kong-based Chainrai's bid for the Championship football club, but acknowledged there has been some irritation at the slow progress of his buyout.

"Unfortunately we're now having to wade through the bureaucracy of the Football League," he explained. "We're all rather frustrated at the moment, there's nothing more we can do than wait and hope."

Andronikou added that Chainrai has been attempting to meet the criteria of the Football League's updated fit and proper persons test and said the tycoon is the only interested party with the "wherewithal" to take the club forward.

Current Leicester City chairman and former Portsmouth chief Milan Mandaric ruled out a return to Fratton Park in an interview with BBC Sport yesterday (October 4th 2010).

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Written by Terry Mitchell

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