CSI insolvent! Admin calls again?!
'Nothing to worry about?'
'Business as usual?'
Just a couple of the lines trotted out by CSI last week, in many ways I guess they are right as the fate that awaits us pretty much is 'business as usual' given our recent history...
Here we go again, another points penalty and 'probable' relegation - possibly as the minimum - awaits us with CSI insolvent and going into administration.
BBC Sport (here) reports the following...
'Portsmouth's parent company Convers Sports Initiatives (CSI) are the subject of insolvency proceedings.
'Controlled by Vladimir Antonov - recently arrested in an inquiry into asset stripping - CSI is now temporarily protected from creditors.
'It is unclear whether CSI has formally entered administration or it has sought the court's protection prior to the appointment of an administrator.
'Either way, CSI appears insolvent and Pompey could now be deducted points.
'The Football Association has previously indicated that those clubs whose parent company enter administration will be subject to a points deduction process.
"Almost all companies that file a notice of intention to appoint an administrator end up in administration or liquidation," insolvency lawyer Guy Thomas of Taylor Walton told BBC Sport.
'Last week Portsmouth's former owners Portpin Ltd re-emerged as an interested party in the club's future after filing a charge at Companies House over the parent company making it a secured creditor over CSI.'
More will follow, this we can be assure of but at this early stage, from the looks of it, another points penalty and probable relegation - at least - awaits us...
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