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Portsmouth offers ownership for one pound

Posted By: Staff

London, Feb 14(ANI): English football club Portsmouth could be flogged off for as little as one pound, the latest bizarre twist in their desperate fight for survival.

Club's new owner Balram Chainrai is reportedly so desperate to offload the control he seized earlier this month, but on top of the one-pound potential asking price, Chainrai would want the 17 million pound he is owed, and other debts totalling more than 60 million pound would have to be met.

Chief executive Peter Storrie is hoping to strike a deal with one of two potential buyers before a court considers the club's solvency on Wednesday and the High Court hears a final winding-up order by the taxman on March 1, The Express reports.

The incentive he is dangling to prospective buyers is that they could collect more than 30 million pounds in TV money in the autumn, if Portsmouth keep their Premier League status, and a minimum of 11 million pounds in parachute payments if they are relegated.

Portsmouth is currently at the bottom of the league and in serious financial difficulty. Players have had their wages delayed four times, and HM Revenue and Customs (HMRC) have presented a petition for the club to be wound up in the High Court of Justice.

French club RC Lens and the former owner Sasha Gaydamak are also owed significant sums of money, which require immediate payment.

However, despite all the turmoil off the pitch they beat Southampton 1 - 4 at St Mary's Stadium in a thrilling F.A Cup fifth round tie and taking them through to the quarter-finals and one game from another visit to Wembley Stadium. (ANI)

Story first published: Sunday, February 14, 2010, 15:38 [IST]
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