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The end for Portsmouth Football Club


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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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gaydamak is an absolute c**t, Pompey owe f**k all to him, he took every penny from the sales of Diarra and Muntari as well as numerous others to clear his own debts yet he still thinks Pompey owes him something?

That statement says the football league has been helpfull but the premier league and uefa f**king havent been. Denying Pompey entry into the UEFA cup because of some bollox registration nonsense.

I'd be gutted if Pompey just ceased to exist, i remember going down to Fratton Park loads of times in the late niineties watching them when they were absolute sh*te and it was always packed and it was never quiet. The fans dont deserve this and those responsible should never be allowed near any football club again.

Edited by jack h
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This will be tragic. If Pompey go it will only be a matter of time before more follow.

Meanwhile, so called superstars negotiaite new contracts on £200k a week.

The game is a mess and it makes me despair.

Edited by Nibs
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This will be tragic. If Pompey go it will only be a matter of time before more follow.

Meanwhile, so called superstars negotiaite new contracts on £200k a week.

The game is a mess and it makes me despair.

Good Point Nibs you would be f*ckin sick if you are a Pompey fan reading the papers tomorrow about a players wages and the club you love going bust.

Then again Our Harry and a lot of other players trousered a heap of money during the good times and I can't see them giving some of it back to help..................

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This will be tragic if it happens. I'm sure even Southampton fans will be sad to see their nemesis go under. After all rivalry is one of the things that makes the sport exciting. Pompey have always been well supported and I have some good memories of matches against them over the years. I wish their supporters the best of luck. I suspect this is just the start too. Pompey won't be the last. Does anybody know if their fans have been planning an AFC Pompey or equivalent? May be the best hope for them.

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Good Point Nibs you would be f*ckin sick if you are a Pompey fan reading the papers tomorrow about a players wages and the club you love going bust.

Then again Our Harry and a lot of other players trousered a heap of money during the good times and I can't see them giving some of it back to help..................

Absolutely. Its not just Gaydamak (who, seems content to screw Pompey and lose any chance he has of getting back his original money...shame a millionaire is so vindictive) but a whole host of other people who bear responsibility for this disaster.

-Shifty 'Arry Bricktop Redknapp who took his money on commissions in a brown-paper envelope (not to mention getting his buddies to sell Niko Krankjar to Spurs for 1.5 million....youre telling me a club like Man Utd, Everton, Villa, or us wouldnt part with at least 5m on a player like him?)

-Peter Storrie who couldnt wait to foist the next Fake Sheik on the fans without due diligence, then took HIS fat dismissal check

-All those at the FA who thought Suleman Al Fahim was in any way fit and proper, and that fat faced fool himself for thinking his pyramid scheme could work

-All those at the club, including Storrie who thought his successor who was quite literally a pauper was a worthy owner

-Sulzeer beerbelly Campbell who sued the club in its darkest hour to get his crumbs in case the club folded. I didnt see any of the other players doing it. Imagine a fan owning a shirt with his name and then he comes in for his blood money with the rest of the vultures.

the list goes on. It enrages me, so I cant even imagine being a Pompey fan. All these people have abused the trust and loyalty of supporters, and walked away with six figures or more for doing so. The fans deserve none of it, and I hope and pray someone saves them like Southampton was saved a few years ago.

Edited by TheWestwayWonder
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Portsmouth haven't quite given up yet:

Administrator Andrew Andronikou gives Portsmouth hope

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.

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."

LINK (full story)

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Portsmouth look set to avoid going out of business after lawyers representing Gaydamak reached an agreement with the club.

Portsmouth creditor Sacha Gaydamak to sign vital deal

Former Portsmouth owner Sacha Gaydamak says an agreement has been reached that may pave the way for the Championship club to exit administration.

A statement issued by Pompey on Friday claimed a row over a £2.2m sum owed to Gaydamak threatened the club's future.

"A new agreement was reached on Saturday and as soon as I receive the papers I'll sign them," said Gaydamak, who is a key creditor.

"I hope this draws to an end the uncertainty surrounding the club."

As well as Gaydamak, Barclays Bank and another former owner, Balram Chainrai, are the stricken Hampshire club's main secured creditors.

Gaydamak says he has secured debt of more than £2.2m, and Portsmouth's Friday statement claimed he asked for an unspecified amount of that to be paid up front, which would have resulted in the club folding.

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Portsmouth out of administration

Portsmouth have come out of administration after a deal was agreed with former owner Alexander Gaydamak to safeguard the club's future.

On Friday the club had claimed they were on the brink of ceasing trading because Gaydamak had refused to sign a deal to sell to Balram Chainrai.

But Gaydamak said late on Saturday that a new agreement had been agreed.

Portsmouth later announced the sale to Chainrai and confirmed that the club had come out of administration.

"The administrators of Portsmouth City Football Club Ltd are pleased to announce that negotiations between the various parties concerning the sale of the club have now been satisfactorily concluded," read a statement on the Portsmouth website.

"Accordingly, the club has now been formally sold by the joint administrators, Messrs UHY Hacker Young, and will continue to trade outside of administration.

"The administrators would like to thank Mr Gaydamak for his co-operation and assistance in securing the future of the club and acknowledges that he has played an integral part in delivering its survival."

Pompey had claimed a row over a £2.2m sum owed to Gaydamak threatened the club's future.

After an agreement was announced whereby Portsmouth would pay Gaydamak the money in instalments over the next five years, the former owner accused the club of scaremongering.

"The news this week surrounding football and this club shows that the current preoccupation with money and finance isn't helping the game and its reputation," said Gaydamak, who took control of the club in July 2006.

"Portsmouth Football Club, its fans, employees, players and the community that surrounds it deserve better than being subjected to rumour resulting from some parties using the press to create uncertainty as a negotiating tactic.

"I fully intended to sign the deal on Friday and had it not been changed at the last minute I would have.

"Everyone understood on Friday that further negotiations were now required.

"A new agreement was reached late this evening and as soon as I receive the papers I will sign them.

"I hope this draws to an end this unfortunate uncertainty surrounding the club. I wish everyone involved in the club well for the future."

Tim Stocks of Gaydamak's lawyers Taylor Wessing earlier responded to Pompey's claims by insisting there were merely some technical details to be agreed and that there was never any threat to the club.

Portsmouth's debt at one point stood at around £120m before they entered administration in February 2010 and were ultimately relegated, and the club's administrator Andronikou confirmed a deal worth 20p in the pound to unsecured creditors had been agreed.

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And now they've got new owners:

Portsmouth sale approved by Football League

Portsmouth have been sold to Balram Chainrai, Levi Kushnir and Deepak Chainrai after a deal was struck to allow the club to exit administration.

A financial agreement with former owner Alexandre Gaydamak paved the way for the club's sale, which has been approved by the Football League.

"It's a significant moment involved for everyone involved at the club," said Pompey chief executive David Lampitt.

Balram Chainrai added: "We're not going to make any rash promises."

The Football League has lifted the transfer embargo imposed on Pompey, although all deals will require the League's approval, while the club must also submit monthly financial reports for monitoring.

On Friday the club had claimed they were on the brink of ceasing trading because Gaydamak had refused to sign a deal to sell to Chainrai.

But Gaydamak said late on Saturday that a new agreement had been agreed.

Balram Chainrai, a Hong Kong-based businessman, became Pompey's fourth owner inside a year when he assumed control of the club in February 2010 before putting them in administration soon after.

"We need to stabilise and Levi and I will be taking time to get a closer understanding of the business so that we can ensure the club is taken forward in the right way," added Chainrai.

The saga surrounding the ownership of Portsmouth, who won the FA Cup in 2008, began in August 2009 when Gaydamak sold the club to Sulaiman Al Fahim.

Two months later Ali Al Faraj become the new owner when he acquired 90% of the shares from Al Fahim.

Three weeks after that Chainrai lent Al Faraj £17m but the off-pitch turbulence continued as Avram Grant replaced Paul Hart as manager, the club failed several times to pay its players on time and HM Revenue & Customs issued a winding-up order over tax issues.

In February 2010 Chainrai seized the club's assets before placing the club in administration with debts estimated to be about £120m.

The club subsequently had nine points deducted for going into administration, were relegated from the Premier League and in June appointed a new boss in Steve Cotterill.

In August Portsmouth survived an attempt by HM Revenue & Customs to block a Company Voluntary Agreement, which could have prevented the club exiting administration.

As recently as Friday the club claimed it appeared "likely to close" after a row over £2.2m owed to Gaydamak saw talks break down.

However, on Saturday it was announced Portsmouth would pay Gaydamak £2.5m in instalments over the next five years and the saga was finally concluded late on Saturday when Chainrai resumed control of the club.

The club's administrators confirmed a deal worth 20p in the pound to unsecured creditors has also been agreed.

The south coast outfit currently lie 13th in the Championship, the second tier of English football.

"We're now in a position where we can look to move forward on a more stable financial footing," said David Lampitt.

"This has been an extremely tough journey and the legacy of past events at the club means we still have a long way to travel and a number of battles to fight. "

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Yessssss, play up Pompey - the club didn't deserve to go down that. They've turned it around on the pitch, they're starting to off it - let's hope we see them there or there abouts in the future. Perhaps the Prem in a couple of years with new investment/securer foundations.

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  • 1 year later...

Almost 2 years on and they are still f**ked financially. But in better news.

Pompey have agreed one-month contracts with 10 players ahead of their season opener against Bournemouth.

Kieran Djilali, Mustapha Dumbuya, Jon Harley, Brian Howard, Izale McLeod and Lee Williamson have all agreed to join the Blues ranks, while Simon Eastwood, who played at Plymouth on Tuesday, has signed after originally penning a non-contract deal.

Jack Compton, Luke Rodgers and Liam Walker have signed subject to international clearance.

All the deals are subject to Football League and FA approval.

When Jon Harley first came through I thought he was going to be a great player and Brian Howard has been named there skipper. He's southampton born and bred.

Edited by TomW
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I'd really like to see them do well, got on brilliantly with their fans when we played them in the Cup final, and

not to mention a top Pompey fan (who I'd never met before), sitting with me and my lad on the way down to Pompey last season for the friendly, and

even showing us to the ground, absolutely sound kid.

They might have some rough sods among them, but the majority of them seem decent, living in Poole, I meet

quite a few here and there.

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They are also signing our very own Conor Clifford on loan apparently.

Guys like Clifford can't be on high wages, so I'd assume that it wouldn't be a big deal for some of the bigger clubs to continue to pay the wages instead of asking Portsmouth to do it. It would be nice if Portsmouth were able to get some other promising youngsters from other clubs as a way to help them remain viable.

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