• Administrator hopes to exchange contracts by this weekend
• Football League would have to ratify Chainrai takeover
Steve Cotterill should soon be able to start adding to his skeletal Portsmouth squad, as the club is close to exchanging contracts with Balram Chainrai to become the club’s new owner.
Portsmouth cannot sign new players until the Company Voluntary Agreement is exited, which is in line with Football League rules. While any new owner has to be ratified by the league, the club’s administrator, Andrew Andronikou, said: “Hopefully this is now the final chapter. We have drawn up the final draft of the sale and purchase agreement. I hope this can be signed and exchanged with Mr Chainrai hopefully by this weekend, I’ve come back from my holiday to do so.
“Any deal would have to be ratified by the Football League, they won’t lift the player registration embargo until they sign off the sale. But if contracts can be exchanged then at least the [prospective] new owner can at least initiate the process of allowing Steve Cotterill to sign new players.”
Andronikou stated that the Hong Kong businessman was in contact with the league this week to start the process of becoming the new owner. “Mr Chainrai spoke to them on Monday to initiate the process of completing the fit and proper person test,” he said. It is understood the discussion was productive.
Cotterill’s threadbare 15-man squad features 10 senior players and Andronikou said that any transfers out of the club are particularly difficult while the embargo remains and the manager is unable to replace any personnel. Rangers’ interest in Tommy Smith may be thwarted due to this situation.
“We have had an offer for Smith but he is one of the only two strikers Steve Cotterill has,” said Andronikou. “Our hands are tied. All the players we wanted to bring in on wages of £4,000, £5,000, £6,000, £7,000 have already been snapped up. The Football League really need to take a look at this embargo situation for the next club in our situation because it’s actually preventing us signing players within our budget.”
Andronikou did confirm that John Utaka wants to leave and Kevin-Prince Boateng’s move to Genoa is imminent, saying: “The negotiations are advanced and we’ve come to an agreement.”
PortsmouthJamie Jacksonguardian.co.uk
