Vital Football

Pompey totter on the edge

Pompey totter on the edge

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.



Click here to join in the debate on the club forum.

Writer:paultsmouth
Date:Friday October 22 2010
Time: 7:27PM

Comments

0
AA has almost contradicted this with further comments Andronikou told TalkSPORT: "Contractual negotiations have stalled this afternoon but I am disappointed there has been a press release. I am still hopeful we can sit down over the next 24 hours and agree a way forward. "This is a matter that has high emotion as the club is very close to the city but I want to emphasise that in 24 hours we will be back on track and hopefully we can get this matter finally concluded. "We are as close to coming out of administration as going into liquidation. It is a fine balance and I want to say as little as possible at the moment."
paultsmouth
22/10/2010 19:32:00
0
Im holding back on getting too emotional until it's all done and dusted one way or the other............Can't deny i'm devastated though!!
pentonpompey
22/10/2010 19:40:00
0
I am devastated. Absolutely devastated.
PompeyJake
22/10/2010 19:43:00
0
I'm afraid I'm just dumbfounded. I couldn't believe what I was hearing on the radio this evening.
cornypomp
22/10/2010 19:59:00
0
Really feel for you Pompey fans - having nearly been there ourselves, we do know what you are going through. Keep the faith and I hope it all works out for you
herringthorpe
22/10/2010 20:16:00
0
I'm afraid its the end for Pompey - I simply can't see you guys surviving this. RIP my friends.
Tudor
22/10/2010 20:20:00
0
Gutted for you all that you are still going through all this. Hope it all works out, just wrong how you fans have been shafted. Good luck from us at Vital central.
vitalfootballadmin
22/10/2010 20:21:00
0
Villa Fan in Peace, i really hope this is not the case, feel for you die hards. Play up Pompey .
roehe
22/10/2010 20:45:00
0
I hope AA comes through, because I am feeling farkin gutted at the moment............
NZ_Portsmuff
22/10/2010 21:33:00
0
Sounds to me like Admin Andy is annoyed this statement was ever released. It smacks of someone at the club trying to put the frighteners on Gaydamak.
Steve C
22/10/2010 21:39:00
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