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Portsmouth on the brink! Club blame former owner Alexandre Gaydamak for forcing Pompey towards liqui

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mc_squared

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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

 

 

 

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.

 

 

article-0-013D663800000578-707_468x312.jpg 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.

 

article-1322967-0BAEAA73000005DC-827_468x328.jpg 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.

 

article-1322967-023445B8000004B0-833_233x385.jpg 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.'

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Awards2017

Awards2017

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Well he did recently get promoted.......................... :rolleyes:

 

Promoted, more money per hour, less hours a week = Overall loss of around 200 quid a year :( (but at least now I ´could´get a bonus [when pigs fly])

 

Dave how much change have you got in your back pocket?

 

Currently around €5 in loose coins.

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bart

bart

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And no respect for anything.

 

Seriously :thinking: That post, in this context, proves it.

 

 

We have around 35 cents in spare change..

 

I dont like pompey, I have too many friends that support Southampton !

 

So I am delighted for them !

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Guest howyousawtheworld

Guest howyousawtheworld

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Dreadful news. All those involved in bringing down the club should be ashamed. And yes that includes Harry Redknapp.

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Texasluvsjonny

Texasluvsjonny

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We have around 35 cents in spare change..

 

I dont like pompey, I have too many friends that support Southampton !

 

So I am delighted for them !

 

Only 1 team in Hampshire :hug:

 

 

Dreadful news. All those involved in bringing down the club should be ashamed. And yes that includes Harry Redknapp.

 

Redknapp always slithers away squeeky clean. Twitchy bastard! :angry:

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Guest howyousawtheworld

Guest howyousawtheworld

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Only 1 team in Hampshire :hug:

 

 

 

 

Redknapp always slithers away squeeky clean. Twitchy bastard! :angry:

 

He's a right 5 star WANKshaft. Take your old style cockney geezer management and shove it up your arse. Although it'd be hard to make that distinction between his face and his arse but he should at lest give it a try.

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mc_squared

mc_squared

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Administrator Andrew Andronikou gives Portsmouth hope

 

 

_49627974_fans_466.jpg Pompey went into administration in February 2010

 

 

Portsmouth's administrator is hopeful creditor Alexandre Gaydamak will back down from his demands and prevent the stricken club going into liquidation.

The club said on Friday that Gaydamak demanded an upfront payment to allow Pompey to exit administration, which endangered their ability to trade.

But administrator Andrew Andronikou is still hopeful a deal can be reached between the club and Gaydamak.

"I think common sense will prevail," Andronikou told BBC Radio 5 live.

Gaydamak, Barclays Banks and another former owner, Balram Chainrai, are the club's main secured creditors.

o.gif 606: DEBATE

The news looks bad, really bad and as a fan of this beautiful game I hope that this can be turned around

 

 

TheGreatestSportsman

 

Gaydamak says he has secured debt of more than £2.2m, and he has asked for an unspecified amount of that to be paid up front.

After talks broke down with Gaydamak, Portsmouth announced they were likely to fold.

Andronikou hopes the threat of going out of business will serve as a "wake-up call" to all the parties involved, but added that a deal would have to be reached within the next two days.

"I think all parties will come to the table this weekend - but it has to be this weekend," said Andronikou.

"Yesterday evening's [Friday] activities were really a wake-up call for everybody to say 'look, we just can't sit here whilst everybody else finesses their position. It is about coming to the table and cutting a deal'.

"I'm waiting to hear from Gaydamak or his representatives and I've made it publicly known I'm available 24/7 to get this done.

"Next time I speak to the press I want to be announcing we're out of administration."

Portsmouth's debt at one point stood at around £120m before they entered administration last season and were ultimately relegated.

o.gifIf the club closes there'll be nothing for anybody, including Mr Gaydamak

 

 

Administrator Andrew Andronikou

 

Andronikou confirmed a deal worth 20p in the pound to unsecured creditors had been agreed, but he knows the club could still go into liquidation despite being close to securing their future.

He said: "I'm sure that once we do get round the table this matter will be resolved rather quickly and rather than talking about liquidation we'll be talking about exiting administration.

"All other parties are satisfied. We have documents ready to go. We are as close to coming out of administration as to liquidation."

Andronikou admitted "a very unusual situation" had been "taken to the brink".

"We've been talking to all parties concerned to explain to them that we are in this strange situation where we haven't got sufficient working capital ourselves, although we can see it and it is available from the purchaser [balram Chainrai] to continue paying the club," he said.

"But we need assistance from all parties - the relevant football authorities, the purchaser and the secured creditor - to sit down and compromise.

"We've got the assistance of all parties but one.

"We've put together proposals that will mitigate the situation for lots of creditors. We need his support - if the club closes there'll be nothing for anybody, including Mr Gaydamak."

Andronikou explained the proposal on the table from the club, saying: "He'll start having payment over the next five years along with all other creditors.

"[The disagreement] is effectively timing and, I would imagine, from his point of view, ensuring that he is actually secured, and we have used our best endeavours to get him as secured as possible.

"From where we are today he will be paid first. The point is that we've all got to compromise to move forward."

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bart

bart

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Amy is cuter by far though, I was just saying your a long way from Manchester, but City are impressive this year, which isn't surprising given the amount of money they have now :)

 

I like your kind words about City.

 

Going back to the subject it seems pompey may be OK after all !

 

:)

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