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What's the story Andrew Andronikou?

What's the story Andrew Andronikou?

I am sure that we have all now seen the press conference that Andrew Andronikou, the administrator put in charge of us, gave this afternoon by now?

To be honest I thought that the guy came across pretty well as being 'firm but fair', well as fair as an administrator can be - so I guess we now let him do his job. Oh he has suggested that he will get to the very bottom of everything, with no stone being left unturned and if anyone needs to be called to justice they will be!

Well this is his statement, below, as issued on The Pompey Site...


A Statement From Andrew Andronikou

At approximately 10:30 this morning, my partners Peter Kubik, Michael Kiely and I were appointed joint administrators to the company and the football club.

We are fully responsible for all executive decisions at the club and we have now formally begun the restructuring process.

For the avoidance of any doubt, the company is not going to be placed into liquidation as the winding-up petition - which was due to be heard on Monday morning - has been suspended by virtue of our appointment.

I believe given the extensive media attention around this matter, I should set out from the onset the objectives of the administration.

We are looking to immediately address the significant monthly cash burn of the club by implementing a strict cost rationalisation programme.

This means every aspect of the club's overhead will be reviewed and scrutinised. Our aim is to maximise all revenue streams and to eradicate all unnecessary costs.

It is imperative if this club is going to survive that it returns to the fundamentals of any other business in the United Kingdom and functions within its means by avoiding to trade at a loss.

Accordingly, we have many important and difficult decisions to make ahead.

Discussions with interested parties:
We are fortunate to have inherited a list of interested parties. Over the next few weeks we are going to explore these expressions of interest with a view to procuring either an investor or outright purchaser of the club.

However, given the recent history of the club, I would like to make it very clear before any other interested party approaches us that we will require upfront unequivable proof of funds and also references that the party will satisfy either the Premier League or Football League's profile for a fit and proper person.

The history:
At present we are only looking forward to stabilise the club and to reinstate a solid foundation for the future.

We do, however, have the responsibility of investigating the company's recent financial history. I can assure you that this will be undertaken but at present we are focusing on the problems in hand - which are not insignificant.

We aim to conduct the administration on a transparent basis. We fully understand that this matter is of great importance to the local community, as well as carrying a significant amount of public interest.

In our capacity as court officers we have a duty of care to the creditors of the company and we will formulate proposals in due course that will provide them with a maximum return on the exit of the administration, as well as ensuring that this club fulfils its outstanding Premier League fixtures.

We will have our proposals ready for circulation within eight weeks of today's date and accordingly a creditors meeting will be convened around that time scale.

The company will exit administration by way of a Company Voluntary Arrangement, thus avoiding any further possible point deductions next season.

I would like to thank the Premier League for their assistance thus far - they are doing their best to give us concessions to keep us going.

I'd also like to thank Portpin Limited - in particular Mr Balram Chainrai - for their assistance in getting the club to this safe haven.

I also appeal to the supporters to try to put a very disturbing season behind them and continue to support their club. I promise you we will save your club and take you forward.

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Date:Friday February 26 2010
Time: 10:00PM


Right - either I'm from Mars, or I never went to school. I cant believe no-one is out there ready to explain exactly HOW administrators become appointed. WHO appoints them? Government? Court? Who? Who are these people? Has everyone else on the planet got a degree in economics or something - just me who doesnt know how this happens? Oh, and do we get O'Hara back?
26/02/2010 22:35:00
well well, sounds like a man who actually knows what he is talking about, how refreshing!!!!!!! It also sounds like he is genuinly interested in moving the club forward (which is a huge relief) I have my fingers crossed, I hope that some new investment comes knocking pretty quickly...PUP
26/02/2010 22:38:00
Stratty, earlier posts suggest that the administrators were selected by the club
26/02/2010 22:40:00
Stratty I believe in this case he is paid for by Chanrai, he is the one who went and asked for a court approved administrator. Rug, if some one makes an offer there won't be the investigation you long for, the Administrator has an obligation to reduce his own costs, therefor if the club is bought by the south Africans or even Chanrai he will drop out, once he's happy the club is a going concern. Being a cynic whilst I think Storrie, is a Pompey fan I think he is hanging around long enough to get a buyer and close any issues that might come back to him.
26/02/2010 22:45:00
Thanks guys - russell, presumably Chanrai asked the COURT, for a courth approved administrator. There was one article which said it was a form of bankruptcy declaration used to fend off the winding-up order. For a time there, I felt like a recently-landed Martian wondering at the nightly changing-shape of the moon - like everyone else was born with this knowledge!
26/02/2010 22:51:00
russ, whilst i would really like to see those that have screwed us over get the comeuppance chances are this will not happen - altho tbh so long as we get ourselves sorted up and get up on our feet again at some point, i would not say 'it does not matter', as it does, but we would be best to just move on, right? altho their uppance will come one day!
26/02/2010 23:06:00
So far what Mr Andrew has said all sounds reasonable to me. After all he doesn't have any other agenda, so there's no reason we couldn't trust him, is there? Lets just hope he gets us out of this mess.
27/02/2010 09:24:00
He'll save us as a club. For me the big question is will we be attractive enough for a new buyer to get the CVA sorted before the end of the season.
27/02/2010 10:14:00
I like what he has said, but there are one or two things: 1) He's going to TRY to get the points deduction lifted and 2) He's going to TRY to get permission to sell players outside the transfer window. I don't believe he can do either of things, and having him say them makes me wonder if it takes credibility from everything else he's said. Are we STILL just being told what we want to hear?
27/02/2010 17:06:00
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