PORTSMOUTH ON VERGE OF GOING OUT OF BUSINESS

[NORTH DEVON DWELLER]

THIS IS AN OFFICIAL CLUB STATEMENT POSTED ON PORTSMOUTH'S 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.

[NORTH DEVON DWELLER]

What are we all doing to our beloved game and clubs by allowing foreign owners who are only interested in making money buy our clubs that we the supporters love dearly.

Last week saw Liverpool on the verge on administration because of their owners and now Pompey's previous owner trying to line his pockets and doesnt seem to care if the club goes under.

This is an absolute disgrace what is happening to Portsmouth and I say enough is enough let's get all these foreign owners out as they are only interested in money and are certainly not football fans and have English owners for English Clubs before more clubs end up the same as Pompey.

If he drops his demands I understand that everything could be ok for them. !!!! LET'S ALL HOPE SO !!!!

[Scooby]

Gaydamak has seen the last opportunity to ring the last few drops out of our club. I am obviously deeply worried that we will go under, I will always be Portsmouth til I die.....there will always be a pompey! there is no way the fans will allow the club to just disappear.

I totally agree with the comments about foreign owners, but they have not all been bad. Milan Mandaric saved our club from a similar fate! he understood what Portsmouth was about and thought he was selling us to allow us to go on to that fable next step. Gaydamak gave us our success with his dad's money but has wanted us to pay back 3 fold what it cost to fund that success!

Again the FA Premier League must shoulder some responsibility as should Storrie, Redknapp and the rest of the shady crooks!

[halwill-lfc]

redknapp has hid under a cloud of 'i did'nt know anything' for to long i hope the book gets thrown at him..if spurs were wise they would get rid of him as soon as

[BewdleySpur]

This is a serious situation but all is not lost just let. I'm confident we will get out of the mess we are in but it is touch-and-go and it will be by the skin of our teeth.

[biscoveybear]

As an Argyle supporter and general football fan it stinks to see the mess pompey are in.Can see us going the same way if the rumours are to be belived.Hope Pompey can survive as the fans etc do not deserve the crap.Just out of interest,to see the disgusting way Rooney has behaved this last couple of weeks to engineer £180,000 a week.That kind of money given to just one player,when that income for a whole club would surely keep Pompey alive.The situation stinks and the game is now full of rotten rooneys from players to agents and owners.

[Keith Franks]

We the fans have been on a rollercoaster ride for the last 12 months if not longer.

It is beginning to look like everything will be okay, hopefully we should be out of administration this week and with another new owner.

[droskynstarman]

What i found incredible was that after the statement was issued radio5 Live and Sky Sports news main headlines were 'rooney signs new contract' with Pompeys plight just given a few mins,especially 5live who spent hours all night talking about Rooney with the story from Pompey just an after thought. Is this what the sports media has come too?