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The end? Club says Gaydamak is forcing this

The end? Club says Gaydamak is forcing this

There I was happily travelling to Dawlish to stay at my girlfriends tonight, so I could get to my meeting place tomorrow morning for the game, when I got a couple of text come through and then a phone call from my cousin.

News was breaking that the club had announced that Sacha Gaydamak had put the club on the brink of extinction by 'moving the goalposts' on the agreed deal for repayment of the money 'owed' to him...

Is this just one final act of brinkmanship from the club to force Gaydamak's hand and get him to agree what he has to for us to come out of administration or is this really the end?

I do not want to seem like I am brushing this off as 'nothing to worry about' but everything is telling me that this is brinkmanship, would you agree?

I say with as my gut instinct is that the administrators are pushing it to the absolutely limit as by making the announcement, on The Pompey Site, we have we are making it common knowledge that if Portsmouth Football Club dies it is undoubtedly his fault! Which many would say it was, in large part, anyway.

Read the statement issued by the club, below, and make up your own mind...

PLAY UP POMPEY!

Sacha Gaydamak Puts Future Of Portsmouth In Jeopardy

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.

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  • Writer:pompeyrug
    Date:Friday October 22 2010
    Time: 7:35PM

    Comments

    0
    It probably is just brinkmanship, but I personally will believe the worst and hope to be pleasantly surprised...I couldn't handle it otherwise.
    pompeywa
    22/10/2010 19:40:00
    0
    I'm afraid if it is brinkmanship (which it could well be) it is highly dangerous. We are not talking months, weeks days anymore....we are talking hours.
    cornypomp
    22/10/2010 19:46:00
    0
    Brinkmanship or not, this doesnt make sense. As always there is so much happening in the background - the thing is, and correct me if I am wrong, but from what the statement says, if he signs, we come out of admin, he gets his contribution from the CVA. If he doesnt, and we fold, he gets nothing?
    dave.jolley81
    22/10/2010 19:49:00
    0
    Unlikely to be brinkmanship on Pompey's part. They've no money to continue without a new owner. If anything, Gaydamak's trying to screw Chanrai.
    PFCblue
    22/10/2010 19:50:00
    0
    Does Sacha stand to gain/lose anything if the club go under? Sort it out Gaydamak ffs...
    Tantona
    22/10/2010 19:52:00
    0
    Yeah, Gaydamak wants his money back any way he can.
    Pompeyscum
    22/10/2010 19:52:00
    0
    Dave, I think Gaydamak still owns the surrounding land.
    PFCblue
    22/10/2010 19:52:00
    0
    Agree with what you say dave.jolley81 but there's always been more going on behind the scenes incorporating the Gaydamaks etc that has never made sense. Not in a conventional "sense" anyway.
    cornypomp
    22/10/2010 19:53:00
    0
    AA was on talksport and said he thought the statement was a touch early, so it's probably Lampitt or Peart who issued it. Reports from the FL here in London say the deal was practicably done, then Gaydamak changed the terms. BC is said to be getting totally exasperated and considering walking away. Remember Rug, Balou Chanrai gets his money and in the words of the song the man dont need this aggravation.
    russellm
    22/10/2010 19:53:00
    0
    DaveJolly8 according to reports in London the issue is the clubs financial plan, it is based on a stage payments, Gaydamak announced he wanted 75% up front before he would sign.
    russellm
    22/10/2010 19:59:00
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