Portsmouth books finally opened to Rob Lloyd consortium

Three weeks after he first met fans and promised a "fresh start" at Portsmouth, the property tycoon fronting a consortium hoping to buy the club out of administration will begin due diligence on Tuesday. Rob Lloyd, who owns a property company and horse racing yard in Cheshire, has been in tortuous negotiations with the administrator over gaining access to the books, leading to doubts whether his bid would succeed. The administrator, Andrew Andronikou of UHY Hacker Young, has cast doubt on the consortium's credibility amid concerns about Lloyd's reluctance to name the mystery UK-based investor whom he claims is backing the bid alongside a New York hedge fund, believed to be Investec. It is understood, though, that the consortium will begin full due diligence on Tuesday, when a team of accountants from Baker Tilly will arrive at Fratton Park and begin going through the club's finances. After going public with the bid and meeting the fans, Lloyd has attempted to keep a lower profile but is understood to feel that he is making progress. The due-diligence process is likely to take seven to 14 days. He has defended the main investor's decision to stay in the background by saying: "The guy is very private, he doesn't want the PR and I have got to respect that initially." But if the bid is successful, he has promised that the "substantial" investor will reveal himself. Andronikou, who this week claimed Portsmouth's debts were in fact in excess of £100m, has confirmed that the Lloyd consortium has provided proof of funds and signed a non-disclosure agreement but said: "The club is for sale and if they want to buy it they have got to put their right foot in front of their left and come towards us, beyond just coming to games." He has said that in the event of not finding any "credible" buyers in a difficult market, he expects to take the club through a company voluntary arrangement with creditors within four weeks. That would see Balram Chainrai, the Hong Kong-based businessman who took control of the club when the previous regime defaulted on repayments of a £17m loan, remaining in control.