Cattermole still pondering Pompey purchase

New Zealand-based businessman Victor Cattermole said Monday his Endeavor Plan group were still interested in buying English Premier League crisis club Portsmouth.

The bottom team in English football’s top flight went into administration last week with estimated debts of over 60 million pounds (90 million dollars).

But Cattermole told Sky Sports on Monday that Pompey’s debt situation is “probably not as bad compared with a lot of other clubs”.

And he added it was possible for the south coast side to undergo a revival similar to the one that allowed the disbanded Honda team – an organisation he considered purchasing – to be transformed into a Brawn outfit that won both the drivers’ and constructors’ titles in the 2009 Formula One World Championship.

Cattermole’s group was one of several involved in talks with Pompey before last week’s administration deadline.

Although preferable to going out of business completely, administration has left Portsmouth facing a nine point penalty which, if enforced, will all but guarantee relegation to the second-tier Championship.

But despite this, Cattermole said Monday: “We are still interested in buying Portsmouth.”

It was suggested a reason why no deal to buy the club went through before the club went into administration was that none of the various groups had provided current owner Balram Chainrai and Pompey chief executive Peter Storrie with evidence they had the necessary funds.

However, Cattermole said: “We provided evidence of an offer for a bank facility of 200 million euros (182 million pounds) last Tuesday to Peter Storrie.

“Sadly administration was the only option and the revenue department, as late as Friday morning, were adamant that there was nothing that could be negotiated with anyone that would stop them taking their action.

“So unfortunately, because of that, administration was really the only option to save the club.”

He added: “Obviously if the club gets relegated then a lot of the income in the next seasons is compromised. The club has to be cheaper because it’s been devalued.

“We’ll just look at it as a business that’s effectively a going concern and we’ll make a decision on value based on what we see and what we can negotiate.”

Cattermole though said now could be a good time to buy Portsmouth.

“We looked at buying the Honda Formula One team and people said the same about that, ‘why would you want to buy a team that’s basically insolvent?’.

“But when you look at what Ross did with that team it looks like quite an astute business decision.

“Portsmouth has the same potential. I think it has a very loyal fanbase that has the potential to be expanded, and when you analyse the business income and you really read through what the debt situation is, it’s probably not that bad compared with a lot of other clubs.

However, allegations coming out of New Zealand may mean Cattermole’s hopes of buying Portsmouth are dashed by a failure to pass the Premier League’s ‘fit and proper persons’ test.

“(Regarding) the media information that was put out in New Zealand, my solicitors here are putting together a defamation case against a particular newspaper so I deny emphatically some of their allegations,” Cattermole said.

“Some of them, though, with respect to my run-in with the Securities Commission in New Zealand, are quite true. I’ve always been very open and honest and prepared to take the knocks, if I’ve done something wrong I’ll front up and I’m quite happy to talk about it