Balram Chainrai set to pay £500,000 to take over control of Portsmouth but Supporters Trust counterbids before the deadline "The bid makes an offer for the stadium," Birch told the Telegraph. If Portpin accept, OK. If not, I'll have to go to court to get him to agree with it. He doesn't really want to take over the club. If the deal suits him he'll consider it. But first we have to wait and see if the deal from the Trust is fully funded. There are alternatives [to the courts forcing Chainrai to drop his debenture]. They may seek to take a lease with an option to buy. We don't know until we start talking. One bidder who had held abortive negotiations with Chainrai and his business partner, Levi Kushnir, over a similar proposal claimed to Telegraph Sport that the Portpin investors were not prepared to write down the value of the debenture over Fratton Park. "We were going to go in, clean it up and sensibly rebalance the squad with young guys to make it a more competitive team," the bidder said, speaking on condition of anonymity. We are corporate guys who wanted to run it sensibly; our reputations are perhaps more important to us than for others. And with a hard salary cap and two years of parachute payments it could be done. But first you needed Chainrai to reduce the size of Portpin's claim against the club. It's secured against the stadium and the asset is worth about £5 million. His preferred option was to roll the debt into the new company at about £12 million; that's what he told us in conversations. We said no way. Portsmouth's former administrator Andrew Andronikou, who has been involved in negotiations with bidders and Chainrai, disputes the claims. He says Portpin - which Chainrai controls with his business partner, Levi Kushnir - had been prepared to accept bids in line with the £5 million valuation of the stadium to withdraw his mortgage over it. Andronikou has a close relationship with Chainrai having acted as administrator to both Portsmouth and its former parent company, Convers Sports Initiatives, to which Chainrai is also a very significant creditor. Speaking before the Trust's bid, Andronikou said: "No one has offered anything. No one has come to the table to discuss a proper proposal. Before the administration Balu made it clear he would have taken a significant [debt write-down]. Nothing's changed. Both Chainrai and Birch have stated no other interested party had proved they had the funds to enable them to complete a purchase. In the absence of alternative bids Chainrai's takeover of Portsmouth will be established as the baseline bid at a creditors" meeting on Monday. At the same meeting Birch will press for 28 days in which to consider alternative offers. Two years ago Pompey collapsed with debts of £138 million and again called in the receivers this year owing £40 million. Chainrai will pay £500,000 to take over Portsmouth, meaning creditors such as HM Revenue & Customs would receive only 0.04p in the pound on debts run up prior to the club's 2010 insolvency. He would, however still need to fund a club whose payments on past liabilities are expected to cause it to lose more money in the years to come.