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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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  • The Journalist

    Writer: pompeyrug Mail feedback, articles or suggestions

    Date:Friday October 22 2010

    Time: 7:35PM

    Your Comments

    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
    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
    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
    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
    Does Sacha stand to gain/lose anything if the club go under? Sort it out Gaydamak ffs...
    Tantona
    Yeah, Gaydamak wants his money back any way he can.
    Pompeyscum
    Dave, I think Gaydamak still owns the surrounding land.
    PFCblue
    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
    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
    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
    Thats true Rug, and thinking about it, as a secured creditor, he would still get money back from the selling of the assets from liquidation. Either way, being a Pompey fan has taught me one thing in life, and that is never to believe anything until it is confirmed.
    dave.jolley81
    And even then demand confirmation of the confirmed...
    cornypomp
    At least the latest noises from AA are 'marginally' more encouraging....it all definitely smacks of brinkmanship.
    Tantona
    Got to agree on the brinkmanship slant. Someone is playing games and AA is dashing around radio stations saying 'there is work to be done'. Seems totally different approach to club statement. Now AA saying fold unless Gaydamak agrees to deal.
    eastneydave
    i'm sorry but how much do you think he'd actually get if we went into liquidation... you can't build anything bar a stadium on the land if i'm not mistaken, so the lands worthless plus BC owns the stadium so gaydamak would really be screwed and i'm not sure what happens to the players are they sold off very cheaply or are their contracts torn up, but even if they are sold our squads worth about £20mil at the most (and if sold off cheap then you can probably half that), they're gonna get feck all. If this isn't a load of bull, then sacha's got a screw loose or he doesn't really care about the money but thats unlikely...
    pompeym@
    fingers crossed, feet crossed, scrotum crssed, fark I hope this all gets worked out, Ive had enough, and we are doing so well onthe pitch too!!!!
    NZ_Portsmuff
    I think a contract of employment id not like a table and chair, that can be sold off as an inanimate object. i think the players-as with aldershot playeres a while back-can go off to whoever.. this is interesting though http://www.sportingintelligence.com/2010/10/22/revealed-plans-for-post-liquidation-portsmouth-afc-%e2%80%98ready-to-roll%e2%80%99-if-club-goes-under-221011/
    plymouth graham
    I'm with Pompeym@. What he says makes absolute sense to me. Spursex says exactly the same elsewhere in so many words, and in my memory, Spursex has always been right.
    Gandor1
    I agree with Blue, Gaydamak is trying to screw Chanrai. After all there's bad blood between them isn't there. He doesn't give a stuff about the club or its fans or the community or the city. He put us in this situation to 'buy' a bit of glory for himself but he didn't buy it he had the club borrow it and then he @@'d off. Still he does stand to lose everything if the club goes under, so all we can do is hope common sense prevails in these talks tomorrow. If not its hard to know what to do! Look to the pheonix club I suppose. What a complete nightmare.
    tracyc
    Just when everything semed to be oing so well. Hopefully, this is just pressure on Gaydamak and the deal will be sealed come monday morning.
    nodster
    Pompeym@ I have a different understanding entirely. I heard the council can protect the "stadium rights" to the land, (ie stop any other developement), in the name of the club (and its' historic ties to the city / pop of Portsmouth). It can only be demoished if another "similar standard stadium" is bilt close by. However, IF the club no longer exists, then the Council can no longer protect it! The way would finally be clear for Gaydamark etc to develope into a Tesco!Feel this has been a direct strategy since he took over! I remember when he bought in, everyone thought he was a "new Abramovich", he did one interview (gaurdian I think), where he refuted this, stated he had no interest in sport, and only bought the club as he was interested in the surrounding land! This, his advisors quickly denied! Players were bought (all with 20% ish deposit, rest to be payed later as you know!). Now the £30m he says he's owned is the 20% deposits he used for players! He says now that they were just loans (effectively meaning those players were all bought with 100% credit??!?!?!). Deliberately putting Pompey into liquidation means he finally gets the land he said he wanted when he bought the club! Where the F*ck was the "fit and proper persons" test for this case?? Many clubs are going down, but this has to be the first deliberately destroyed for profit! Lastly WTF was Storie doing overseeing all of this?? He must have seen what was happening when the wage bill equalled the value of the entire club! I really hope I'm wrong, or this attempt fails, good luck
    The Horses Mouth
    Good luck and hope that sense is seen, but not till after the game please. As much as I want Pompey to survive, we don't want them to have the point this weekend!! To me it reads as the administrator is basically saying to Gaydamak 'If you want to proceed in this way, you'll get nothing, but work with us and you'll get something.' Right?
    Rabid Rob
    http://www.sportingintelligence.com/2010/10/22/revealed-plans-for-post-liquidation-portsmouth-afc-‘ready-to-roll’-if-club-goes-under-221011/? this would be ok by my book...one of the most enjoyable seasons i had as a fan was the second year in the 4th division...(1979-80 was it?) Mellor, in goal, Brisley in midfield...Phil Ashworth up front....ha ha ha 4 goals 4 game two in two none in two....Hemmerman and Garwood.. The Mighty Joe Laidlaw, In defence...um... Steve Aizlwoodwas?..Davey, Mclaughlin...Sullivan( not sure about that one) Peter Ellis(hmm the memory fades) i can remember some of the also rans.. Steve Perrin, the blonde striker from...( David something or other) Bury,... and the Welsh one Showers... ...and that fat bloke in the crowd ..Norman something or other regularly leading a version of Allawetta jonti Alleweytta..
    plymouth graham
    seriously folks i am as fed up withthis as the net bloke and am trying to see a positive note in it all...Ive been conned personally by builders and mechanics and it hurts...the club has been used, abused and finally killed off by SG, or his dad..i fear THE HORSES MOUTH is not with out some truth....
    plymouth graham
    Is this really because there isn't any money left in the kitty to play the players at the end of October because we haven't come out of Administration?
    blueexile
    Gawd ... I hope that this is brinkmanship, but a dangerous game to play with the Gaydamak clan. We can only hope that some form of common sense prevails and that a deal is done over the weekend - and then after that the books of the old company are handed to the authorities for scrutinising. Then we will all see exactly where the money has gone, and perhaps a few people will have their collars felt. SG - for feck sake - you have been one of the few people to lift an FA Cup and make a city proud - please walk away now leaving us and yourself with some dignity. Plymouth Graham - David Gregory is the player you were after, and another that springs to mind is Jimmy McIlwraith, and then there was Archie Styles with the YMCA handlebar moustache. Later on who can forget Yosser and the hat trick (against Exeter?), a young Neil Webb, Hateley, Biley, Rafferty? But there is only one, who for one season (and countless fags) graced FP - the genius that was Robert Prosinecki
    Highland_Pompey
    If I were PCC, I would compulsorily purchase the land, and in this climate, hopefully for pennies. There must be a way to do that?
    Gandor1
    Feckin' hell guys,what can I say?Hope you can get this sorted,best of luck.It's a sad indictment to the state of football that on a week where a certain England international used the media so well to get a 60,000 a week raise,a great club that up until last season entertained in the top league and recently won the FA Cup is facing extinction because of the machinations of some opportunist scum-bag.
    CoxintheBox
    ffs packamac or whatever you want to be known as. You are one of the tw@s who got this club into such a mess in the first place so do us all a favour and f*** O** back under that stone you crawled out from under and do one!!
    Emsworthianblue
     

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