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Wealthy UK investor considers Portsmouth bid

Fratton Park
The Fratton Park club have had four owners already this season

A UK-based businessman with a "substantial amount of money" is looking to buy crisis club Portsmouth, according to the man fronting the bid.

Property tycoon Rob Lloyd says his unnamed client will spend two weeks sifting through the club's finances before deciding whether to bid.

Portsmouth had four owners this season before going into administration.

"My client has seen an opportunity," Lloyd told BBC Radio 5 live. "We are looking at a club that's on its knees."

Lloyd, who once appeared on the reality television show Secret Millionaire, said he met administrator Andrew Adronikou several times last week to discuss a potential bid and gain access to the club's books.

After admitting that his property business has debts of £27m, Lloyd said he had not decided whether to invest any of his own money into the bid, before defending his client's right to anonymity.

"Until you are in a position where you can actually physically buy the club, my client doesn't want to come in the front line," he said.

"It's far too early, people need to back off, let us get on with the job. Let us get into a position where we know what we are taking on from a legal and financial point of view.

"Once we've done that, I see no reason why he won't come forward provided that we end up being successful in the purchase of the club."

With debts of about £65m, Pompey became the first Premier League club in history to enter administration earlier this month.

606: DEBATE

The club incurred a nine-point penalty, and are 14 points from safety, even after Saturday's 3-2 victory over fellow strugglers Hull.

Andronikou was appointed on 26 February with the aim of cutting costs and finding a buyer for the Hampshire team, currently owned by Hong Kong businessman Balram Chainrai, who took control in early February.

"I'm used to buying off distressed sellers," Lloyd added.

"The club has had various owners over a short space of time. There has been a lot of uncertainty, mistrust and so forth. It's all about opportunities."



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see also
Pompey drop Dindane over 4m fee
21 Mar 10 |  Portsmouth
Pompey cool takeover bid reports
14 Mar 10 |  Portsmouth
Storrie quits role at Portsmouth
12 Mar 10 |  Portsmouth
HMRC ready to back Pompey set-up
11 Mar 10 |  Business
Storrie refuses to quit at Pompey
29 Jan 10 |  Portsmouth
Storrie in court over tax charge
20 Jan 10 |  Hampshire
Premiership clubs 'owe most cash'
24 Feb 10 |  Business
Pompey labelled 'dysfunctional'
26 Feb 10 |  Portsmouth
Portsmouth reveal financial state
17 Feb 10 |  Portsmouth


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