Portsmouth bidder wants cut in fees

Last updated : 12 August 2012 By Luke Thornhill

PKF, who have overseen the expected sale to Chainrai's holding company Portpin, are charging £1.85million for their services. In contrast to club staff, they have not accepted any reduction in payment.

"Although not all CVA terms were met, we are ready to move forward All players and staff made a lot of efforts to compromise their situation and we accept agreements to move forward, subject to passing Football League requirements," Chainrai told Sky Sports News.

"Portpin also request that the administrator, and their lawyers, reach a compromise with Portpin to reduce their fees of £1.85m, including legal fees of PKF lawyers, which we believe are extremely high.

"We request administrators to reduce their fees by £200,000 and a further £100,000 deferral to 2013 and another £100,000 deferral to 2014 - like all players who have deferred their compromises for four years.

"Portpin is ready to move forward subject to the administrator accepting to reduce their fees and legal fees."

Despite the entire senior playing squad agreeing to write off a percentage of wages and leaving the club, it is far from certain the club will be able to put out a full team in their season-opening Capital One clash with Plymouth on Tuesday.

Administrators have positioned Portpin as first choice to complete the takeover because they are offering more money than the Portsmouth Supporters Trust.

Chainrai is already a reluctant former owner, whose priority is to recoup loans previously put into the club.

The Trust are still potential future owners of Portsmouth, with Chainrai likely to want to sell the club as soon as he feels he has maximised his financial returns.