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Hello,
From Pompey Website…
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.
regards,
doyley
A Top 10 premier league club only 3 years ago and now look at their tragic demise. guess a lot of people wont have sympathy with them after the way they mismanaged the finances but the question needs to be asked how were they allowed to get into this mess? where were the premier league when pompey were spending money they didnt have? riding along the back of the premiership and sky sports cash cow thats where. the fit and proper persons test is a farce. Pompey, Hicks-Gillete, Glazers. the 2 biggest clubs in English football history destroyed and now a recent premier league club on the verge of being gone forever. Football run by the current regime (Fifa, Uefa, FA,) will be dead in 20 years. For now its just Portsmouth RIP. Who is next?
My sympathies lie solely with the fans who must be devastated at the prospect of their club folding … obviously brings up a lot of questions again on financial regulatory issues and whether the Premier League can ever prevent clubs like Portsmouth from operating beyond their means … how many companies out there in the real world would operate on a budget that meant 80%+ of the annual income stream was spent on the wage bill ? … totally unsustainable … as the current economic climate continues to splutter and cough it’s way to recovery over the years to come you really have to think that the financial strategy of a lot of clubs has to change as their fans reach the conclusion that they’ve been taken advantage of for far too long !! … always amazes me that so many of these clubs are owned by people that have made their millions running highly successful global corporations outside the world of football and yet they seem to abandon all the values that brought them that success when they get involved in football … I think many clubs are about to find out that the pockets of the fans are not the bottomless pits that they are thought to be.
Don’t worry about us fans:
They can embarrass us
They can humiliate us
They can rob us
They can launder their dirty money through usBut they can’t defeat us
Personally, I’ve long been of the view that liquidation should be the preferred option as it will provide the circumstances whereby a legal investigation into the demise of the club will be undertaken. The actual role of those responsible for the position the club found and finds itself in has been largely ignored by the media.
Important question such as when did the club actually become insolvent and for how long were the club illegally trading as insolvent need to be addressed and those responsible should be held to account in a court of law.
Should this happen, on the footballing side the club as it is now will be no more however rising from the incompetence, criminality and greed will be a new club, probably starting one league below the Conference which shall be wholly owned by the supporters.
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