mc_squared Posted October 22, 2010 Share Posted October 22, 2010 Portsmouth on the brink! Club blame former owner Alexandre Gaydamak for forcing Pompey towards liquidation By Sportsmail Reporter Last updated at 6:57 PM on 22nd October 2010 Comments (0) Add to My Stories Portsmouth face the real prospect of being liquidated after they failed to reach an agreement with creditors, including former owner Alexandre Gaydamak over debt repayments. The club issued have issued a stark statement this evening claiming '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. Pompey were relegated from the Barclays Premier League amid financial strife last season, during which they were docked nine points for falling into administration. Crisis club: Fratton Park is under threat once again after failing to exit administration It was revealed in April that Portsmouth owed a combined total of £38.2million to previous owners including Gaydamak and Sulaiman al Fahim, out of a total debt of £119m. Tonight's club statement, published on the Portsmouth website ahead of tomorrow's scheduled clash at Hull, said the Football League plus Balram Chainrai's proposed new company, administrators and legal advisers have made 'extensive efforts' to keep the club in business. However the club said Gaydamak had today requested a 'very significant' cash payment to be made, and that was refused. Portsmouth called it 'a ransom payment'. The Portsmouth statement in full: '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. Pay up Pompey: The club have worked hard to move out of administration '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. Unmoved: Gaydamak has changed his demands... a move which could see the club go under '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, who had granted him freedom of the city in 2008. '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.' Link to comment Share on other sites More sharing options...
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