Portsmouth identify preferred bidder says administrator

Fratton Park
Pompey were in administration for eight months in 2010

Administrator Andrew Andronikou says he still hopes to complete the sale of Portsmouth by the middle of the week.

Pompey's parent company, Convers Sport Initiatives entered administration in November, forcing the Championship club to search for new owners.

A preferred bidder has been identified, contracts are in place and the next few days are pivotal, Andronikou said.

There is an urgency to complete a deal, as investment is needed if Portsmouth are to meet ongoing running costs.

BBC South understands any purchaser would need to provide £12m as proof of funds, and assurances they could meet another £20m in repayments to former creditors, Balram Chainrai and Alexandre Gaydamak.

Only one potential buyer has gone public in the process, Italian-American Joseph Cala.

Portsmouth's chief executive David Lampitt last week told BBC Radio Solent he had been left "gutted" by the club's latest financial crisis.

Andronikou acted as an administrator at Fratton Park in 2010 and has been involved in a similar role with CSI.

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