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Portsmouth FC

DavidEU

By DavidEU,
in Football Banter

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DavidEU

DavidEU 2,023

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Portsmouth Football Club is extremely disappointed to report that it has not yet managed to achieve the exit from Administration, despite the extensive efforts of the Football League, NewCo, the Administrators and their various legal advisors.

The process has been extremely complicated and there has been a team of people working night and day to get the deal done. The most difficult aspect has been trying to achieve agreement with Alexandre Gaydamak after the remaining parties have agreed the deal and executed the necessary documents, namely the new owners, the Administrators, the Football League and the creditors.

Unfortunately, despite the new owners fulfilling all the requirements of the Football League and the creditors, and agreeing and signing up to the required terms of the purchase of the club, at the 11th hour the goalposts have been moved by Mr Gaydamak and this has now made the deal impossible to complete.

Put simply, despite being offered full payment for the secured part of his debt in accordance with the financial plan approved by the Football League, this morning Mr Gaydamak has demanded a very significant upfront cash payment in order to allow the deal to proceed by releasing his security.

All this is in spite of his lawyers going to Paris this morning specifically for the purpose of witnessing his signature to the document agreed yesterday.

It is neither in the interests of the club nor its unsecured creditors for such a ransom payment to be made, particularly where the payment is being demanded by one of the authors of the club’s current circumstances.

In addition, and equally importantly, all of the business plans submitted and approved by the Football League would be fundamentally damaged by such a requirement placed on the club by Mr Gaydamak.

We will provide further information as soon as possible.

However, it appears likely that the club will now be closed down and liquidated by the Administrators as they are unable to support the continued trading of the club.

We would like to thank the Football League in particular for their support and assistance through this difficult process.

All other parties had managed to reach agreement.

This has now been undermined by the self-interested actions of one individual. Mr Gaydamak has provided confirmation several times that terms were agreed. However, he has continually changed his position in an attempt to exploit the goodwill of the other parties to the transaction.

By now doing this he has shown complete disregard for the supporters, the club and the City of Portsmouth.

His earlier comments when the club went into Administration about doing everything possible to save the club’s future do not appear to reflect his current actions.

Source: Official Portsmouth FC Website.

Someone just save them. Its probably pocket money to Roman to solve it. Such a shame.

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DavidEU

DavidEU 2,023

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To be fair, a lot of this is Portsmouth's fault and they only have themselves to blame. But like has been said, its always a shame to see a club go, especially one as unique as Portsmouth.

Why they ever spent all the money they did a few years ago is beyond me and everyone though.

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Laylabelle

Laylabelle 9,351

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Looks safe for the moment....

Nearly happened to Chels in the 70s,gana build flats where the Bridge is then Ken Bates came.Like my mum was saying yesterday if had happened god knows who she'd be supporting now if anyone.Be hard to just change your team espically after following them for so many years

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kwylino

kwylino 329

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And its sad sky sports cares more About money hogging rooney

I would be saddened if portsmouth went down All that history just going down the drain thanks to that gaydamak person I wouldnt be suprised if someone petrol bombed his house if i were pompey i certainly would

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