Portsmouth have moved a step closer to coming out of administration after the club's creditors voted in favour of Balram Chainrai's Company Voluntary Arrangement proposal at a meeting at Fratton Park today.
Former Pompey owner Chainrai, who is personally owed millions of pounds by the club, now has 28 days to begin the process and bring Portsmouth out of administration. However, the decision does not mean the end of the line for the Pompey Supporters' Trust (PST), who had submitted a rival offer. If Chainrai takes over, the PST can do a deal with him directly to buy the club.
Alternatively, if the PST put together a better bid within the 28 days, then administrator Trevor Birch can choose them to take the club forward, irrespective of the creditors' decision.
Copyright (c) PA Sport 2012, All Rights Reserved.
Do YOU want to write for GiveMeSport? Get started today by signing-up and submitting an article HERE: http://gms.to/writeforgms