Fifth bid made for Portsmouth
A fifth formal bid has been made for Portsmouth by Portco Ltd., a group of UK investors fronted by Scottish businessman Harry Kerr. Kerr is the director of a successful financial services company called Avalon and is a fan of Hibernian and Arsenal.
The group has produced proof of funds. It is believed that they are interested in the 'sleeping giant' potential of the club and the possibility of redeveloping Fratton Park. That is, however, linked with 10 acres of car park and office space to the north and west of the stadium.
That area of land is owned by a company called Miland Development Ltd. 2004. It was initially bought by former owner Milan Mandaric in 2004 and 2005 and then passed to the next in the chain of owners, Sacha Gaydamak. The company was then placed into administration last year.
Once valued at £7m, the land is valued at £2.5m. However, it has little value without control of Fratton Park, as Portsmouth City Council would not grant planning permission for the site unless the stadium is upgraded or Pompey get a new stadium elsewhere.
It is hoped that it may be possible for the administrator to soon grant preferred bidder status either to Balram Chainrai's Portin group or the Portsmouth Supporters' Trust.