Portsmouth 'likely to close down'
Portsmouth say they are likely to fold as they are unable to continue trading after negotiations with key creditor Alexandre Gaydamak broke down.
So sad if this does happen... It could of been us a few years back..
Portsmouth are on the brink of going out of business after failing to agree a deal with former owner Sacha Gaydamak over unpaid debts.
The club's administrators believe it is likely that the club will be closed down and liquidated as they are unable to support the continued trading of the Championship outfit.
Friday evening's shock news comes after Pompey went into administration last year, although the club appeared to be getting back on track, with results on the pitch also improving lately.
But the administrators, including Andrew Andronikou, said in a statement on the club's official website that Mr Gaydamak has moved the goalposts at the 11th hour as they attempt to come out of administration.
They claim the former owner has demanded a very significant upfront cash payment which has put the club's future in jeopardy.
Extremely disappointed
The statement read: "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.
Fundamentally damaged
"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."
The statement continued: "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
If this is true it's a crying shame it really is.I really hope the fans can reform the club and start again in the lower leagues :clap_hands: :clap_hands:
Tragedy for the fans and the staff. Too many people bled them dry. My disgust is aimed at the manager who helped to sod things up for them. But many others are to blame. Next time a list is made for the England managers job. Remember Appy Arry and his big house and his help in the ruin of a once great football club.
Quote from: Lighthouse on October 22, 2010, 07:25:55 PM
Tragedy for the fans and the staff. Too many people bled them dry. My disgust is aimed at the manager who helped to sod things up for them. But many others are to blame. Next time a list is made for the England managers job. Remember Appy Arry and his big house and his help in the ruin of a once great football club.
Don't forget 'Arry also involved in the past with Southampton, Bournemouth, and West Ham just before all those clubs went tits up..........
...redkrapp chooses his clubs carefully, owners with more money than sense seems to be the usual suspects.
I have a feeling this could be a form of emotional blackmail with Gaydamak. I suspect the next 48 hours will have more twists and turns than a formula 1 racetrack of 20 years ago.
Never say die Pompey...
Quote from: LBNo11 on October 22, 2010, 07:41:15 PM
...redkrapp chooses his clubs carefully, owners with more money than sense seems to be the usual suspects.
I have a feeling this could be a form of emotional blackmail with Gaydamak. I suspect the next 48 hours will have more twists and turns than a formula 1 racetrack of 20 years ago.
Never say die Pompey...
I hope you're right and I think you probably are but my worry would be that the assets (Fratton Park and surrounding land) might be worth more if the club is killed and the land available for redevelopment.
Usually there's a white knight when a club's in this state but all Pompey seem to have is the familiar cast of crooks.
Still let's all talk about Rooney. That's what really matters.
it will be a big shame,a good club going bust,,,,,i wish it was spurs!mind you,they've got the back up
Quote from: fulhamwannabe on October 22, 2010, 08:56:46 PM
it will be a big shame,a good club going bust,,,,,i wish it was spurs!mind you,they've got the back up
Give 'Arry another couple of years.......... please......
i have a very good mate who,s lifelong pompey....phoned him when i heard the news...very emotional phone conversation....i really hope they make it if only for my mates sake.............................................god damm you harry redknapp
Quote from: wadey on October 22, 2010, 10:14:42 PM
.............................................god damm you harry redknapp
ehhhhh,try AVRAM GRANT.....
cant ever remember grant being at southampton or bournemouth :dft005:.....but i understand he,s pretty good at picking up the pieces
i think grant is behind everything that is happening to portsmouth,,,,,,,,,,,,,curse :020:
Quote from: fulhamwannabe on October 22, 2010, 10:32:48 PM
i think grant is behind everything that is happening to portsmouth,,,,,,,,,,,,,curse :020:
???????????????????????
Quote from: fulhamwannabe on October 22, 2010, 10:32:48 PM
i think grant is behind everything that is happening to portsmouth,,,,,,,,,,,,,curse :020:
...........................nope sorry i dont understand that statement at all............explain???
Not just 'arry. What about the "fit and proper test" by the league. Who administers this test? What does it consist of? Something like...
How much money have you got?
You really want to buy this pig in a poke? I mean really?
You want to live in Britain?
Fine, your in.
Quote from: fulhamwannabe on October 22, 2010, 10:21:59 PM
Quote from: wadey on October 22, 2010, 10:14:42 PM
.............................................god damm you harry redknapp
ehhhhh,try AVRAM GRANT.....
Mr. Wannage, I just don't get this. Grant picked up after 'arry left. 'arry was the guy who had Portsmouth throwing the dosh around signing players like Crouch and Defoe and few others they clearly really couldn't afford, and then left them with a massive wage bill. Now, shame on Portsmouth for getting themselves into this position in the first place but I can't see for the life of me, where Avram Grant is any more responsible for Portsmouth's woes, even less so than say Tony Adams.
Quote from: RidgeRider on October 22, 2010, 11:13:16 PM
Quote from: fulhamwannabe on October 22, 2010, 10:21:59 PM
Quote from: wadey on October 22, 2010, 10:14:42 PM
.............................................god damm you harry redknapp
ehhhhh,try AVRAM GRANT.....
Mr. Wannage, I just don't get this. Grant picked up after 'arry left. 'arry was the guy who had Portsmouth throwing the dosh around signing players like Crouch and Defoe and few others they clearly really couldn't afford, and then left them with a massive wage bill. Now, shame on Portsmouth for getting themselves into this position in the first place but I can't see for the life of me, where Avram Grant is any more responsible for Portsmouth's woes, even less so than say Tony Adams.
I think, initially at least, that might have been Mr Hart bless him.
Quote from: fulhamwannabe on October 22, 2010, 10:32:48 PM
i think grant is behind everything that is happening to portsmouth,,,,,,,,,,,,,curse :020:
Where did this come from?
I Grant you (pun intended) that Grant has not exactly shone in his time in England (1 season at the scum - inheriting a team left by Jose proves nothing), but there is little evidence that he was actually involved in anything that 'Arry did, is there?
Nobody will take a swipe at you for stating an opinion,. but you do need something to back it up with, as, unlike other MBs associated with Fulham, the majority of members on here tend to have a more rounded understanding of the particular subject-matter, and thus provide some substance to an argument/opinion, than just throw away lines like that above.
Quote from: Logicalman on October 23, 2010, 11:50:37 AM
Quote from: fulhamwannabe on October 22, 2010, 10:32:48 PM
i think grant is behind everything that is happening to portsmouth,,,,,,,,,,,,,curse :020:
Where did this come from?
I Grant you (pun intended) that Grant has not exactly shone in his time in England (1 season at the scum - inheriting a team left by Jose proves nothing), but there is little evidence that he was actually involved in anything that 'Arry did, is there?
Nobody will take a swipe at you for stating an opinion,. but you do need something to back it up with, as, unlike other MBs associated with Fulham, the majority of members on here tend to have a more rounded understanding of the particular subject-matter, and thus provide some substance to an argument/opinion, than just throw away lines like that above.
Sheeeeeeeeeeeeeet. If that ain't Maestro material.
Quote from: WHITEwitch on October 23, 2010, 11:16:59 AM
Quote from: RidgeRider on October 22, 2010, 11:13:16 PM
Quote from: fulhamwannabe on October 22, 2010, 10:21:59 PM
Quote from: wadey on October 22, 2010, 10:14:42 PM
.............................................god damm you harry redknapp
ehhhhh,try AVRAM GRANT.....
Mr. Wannage, I just don't get this. Grant picked up after 'arry left. 'arry was the guy who had Portsmouth throwing the dosh around signing players like Crouch and Defoe and few others they clearly really couldn't afford, and then left them with a massive wage bill. Now, shame on Portsmouth for getting themselves into this position in the first place but I can't see for the life of me, where Avram Grant is any more responsible for Portsmouth's woes, even less so than say Tony Adams.
I think, initially at least, that might have been Mr Hart bless him.
Very true Ms. WW.
I spent many moons at Pompey because of the Royal Navy. Going to watch football was a good outlet for many things emotionally and needed. It absolutely kills me to read this.
If indeed true, R.I.P Pompey. You (Pompey FC) gave me a lot more fun than I will ever be able to pay back. :Sparkyticus:
Sad, sad, day
here's my theory:adams and redknapp have been there and gone,nothing really happened while they were there,if fact pompey had a decent european run loosing out to ac milan by goal scored away(if my memory is correct)plus winning the cup.....etc
being docked 9 points is not the one and only reason that has gotten them down,they could have won just a few games,plus beating jetski at the final that would have given a few quid to bounce back,,,,,,,anyway,good luck pompey!
Sad news.... hope it doesnt happen...
http://www.people.co.uk/sport/football/news/2010/10/24/ex-hull-chairmen-paul-duffen-prepares-rival-bid-for-portsmouth-102039-22654563/ (http://www.people.co.uk/sport/football/news/2010/10/24/ex-hull-chairmen-paul-duffen-prepares-rival-bid-for-portsmouth-102039-22654563/)
Ex-Hull chairmen Paul Duffen prepares rival bid for Portsmouth
Oct 24 2010
By Richard Gibson, The People
Crisis club Portsmouth's future remains uncertain, with former Hull chairman Paul Duffen launching a sensational rival rescue act last night.
Pompey went into yesterday's 2-1 win over Duffen's former club with the threat of liquidation hanging in the air following a breakdown between administrator Andrew Andronikou and creditor Alexandre Gaydamak.
Duffen, planning a challenge to Balram Chainrai's Football League-approved takeover, said: "I have a fully funded bid ready to go. Portsmouth have a fantastic fan base and there is great potential to develop Fratton Park. It is a challenge that excites me."
