- 27 Jan 2001
- Reaction score
- City: Sunbury State: Surrey
The PST have offered Chainrai £2.75m, which includes the cost of buying Fratton Park. Chainrai has £12m secured credit against the club (as well as owning the stadium).
If he is a secured creditor then surely he's owed the whole £12m.
In theory yes but in practice I would have thought this was a deal made because the value of the companies assets would not allow full repayment of the secured credit after all the other preferential creditors had been paid off - basically a take it or leave it scenario. However it is difficult to know whether this represents a decent return without knowing the asset values anyway I think they are screwed at this point