Chainrai: Fees need to be reduced

Portpin are ready to move forward with their takeover of financially-troubled Portsmouth if the administrators agree to a reduction in fees and legal costs.

A compromise agreement reached with the only remaining senior professional on Portsmouth's books, Liam Lawrence, on Friday averted the immediate threat of liquidation and joint administrator Trevor Birch said at the time that the major condition imposed by Portpin had now been met.

Portpin principal Balram Chainrai said in a statement to Sky Sports News that he was encouraged by the efforts of everyone at Portsmouth, but claimed the fees involved would have to be reduced. "Although not all CVA terms were met, we are ready to move forward," Chainrai said.

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