Chainrai: Portsmouth administrators must reduce fees

The former and prospective owner has asked for a £200,000 deduction of the costs charged, with a further £200,000 deferred over the next two years as the club looks to rebuild
Prospective Portsmouth owner Balram Chainrai has has asked that the administrators currently in control of the club reduce their fees by £200,000 in order to complete a takeover deal.

The Fratton Park club has completely shred its first team squad in anticipation of leaving administration, and Chainrai's company Portpin is now requesting that the administrators follow the players' lead and accept a reduction of monies they are owed.

In addition, Portpin have proposed that a further portion of the money to be paid is deferred over two years.

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

"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.

"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.

"We are waiting for them to confirm this discount, so we can use all proceeds from the parachute payment to rebuild the club."

Pompey begin the new season with a home match against local rivals Bournemouth on August 18, but are yet to sign any full-time professionals.

It will be the first time they have been in England's third tier since 1983 and Chainrai wants to build the club up from the bottom.

"Monies will be used to rebuild this club from the bottom and, with the help of the manager and employees, I hope we get support from fans after saving this club, once again, from its grave," Chainrai said.

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