Portsmouth could soon be out of administration after the clubs creditors said yes to Balram Chainrai's Company Voluntary Arrangement (CVA) today.
The Hong Kong-based businessman, who is a former owner of the south coast club, can bring Pompey out of administration in 28 days but current administrators, PKF, says that a rival bid from Pompey supporters' Trust (PST) could still be enough to take control at Fratton Park.
"We are beginning to see light at the end of what has, at times, been a very long and dark tunnel. This is, however, still dependent on restructuring the player cost base, which is a condition of both the existing offers.
"As well as securing approval of the CVA, we have also agreed modifications that will enable us to enter negotiations with other interested parties. As a result, we plan to meet with the Pompey Supporters' Trust, which submitted an indicative offer for the club last Friday, in the next few days in order to discuss its bid. The shareholders have also approved the CVA.""Today's decision is another important milestone for Portsmouth and takes the club a significant step closer towards leaving administration," said Trevor Birch of PKF on the club's official website.
