Porstmouth; A Ticking Time Bomb
Portsmouth are facing serious administration problems, the side, despite the efforts of the Football League, administrators and the club’s legal advisors, are in danger of being closed down and liquidated in the next few hours. The club failed to reach an
agreement with Alexandre Gaydamak, the former owner, which leaves them in a very uncertain position; their fate will be decided within a few hours.
An official statement said, “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… It is neither in the interests of the club nor its unsecured creditors for such a ransom payment to be made…”
Crisis Timeline
February 26 - Portsmouth Football Club is placed into administration after HMRC issues a termination order over the money it is owed.
March 12 - Peter Storrie steps down as CEO, but decides to remain at the club as a consultant.
March 15 - The Rob Lloyd association emerges as the first group interested in buying Portsmouth.
March 17 - Portsmouth have nine points deducted by the Premier League for ingoing administration.
March 24 - Andrew Andronikou announces the club will be selling the majority of the top players before the next season in an attempt to reduce costs.
April 9 - David Lampitt is appointed the new CEO.
April 10 - Portsmouth are relegated to the Championship after West Ham defeat Sunderland.
April 11 - Portsmouth beat Tottenham Hotspurs 2-0 to reach the FA Cup semi final.
April 21 - A report to the creditors reveals that Portsmouth have a £119 million debt.
April 22 - The FA rejects the club’s request to play in the Europa League because of administrative issues.
May 6 - Andrew Andronikou has a meeting with the creditors.
May 15 - Fans go to Wembley for the FA Cup Final against Chelsea, which they lose 1-0 to the Champions.
May 18 - Andrew Andronikou insists he will press ahead with an application for a Europa League license. He fails.
May 20 - Avram Grant reveals he has decided to quit in favor of a management job at West Ham.
June 17 - The administration reveals that all the creditors, apart from HMRC, former manager Paul Hart, and midfielder Tommy Smith's agent, have agreed to be repaid only 20% of what they were originally owed.
June 18 - Steve Cotterill, former Notts County manager, takes the Portsmouth job.
July 15 - HMRC appeals against the CVA in the High Court, a day before the deal is to be formally agreed.
July 31 - Goal keeper David James leaves Portsmouth for Bristol City.
August 3-5 - HMRC's appeal is heard and rejected on all the points.
August 22 - Tom Lever reveals his interest in buying Portsmouth.
August 31 - Transfer deadline day. Tommy Smith leaves for QPR and Marc Wilson is exchanged for Dave Kitson and Liam Lawrence to Stoke City for around £1.5million.
September 9 - Portsmouth are given their first chance to be given their football share by the Football League, but are unable to submit the paperwork in time due to the changes caused by the new transfers.
September 23 - A six-month report to the creditors is released, a document highlighting all areas where capital has been spent and saved.
October 14 - the Football League board meets again, but decides there are four important questions that have to be answered before the club can have its share back.
October 15 - The club reveals the League, club and potential owners have all worked to come to an agreement about the four points brought up by the Football League.
October 18 - Legal paperwork is continued to being drawn up by the club and sent to the Football League Board.
October 22 - The club announces that it is at risk of being closed down and being liquidated.
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