Portsmouth expect to close down
Portsmouth are believed to be on the verge of closing down as an agreement with former owner Sacha Gaydamak fell through.
The Championship club admitted they cannot afford to trade after Gaydamak insisted he needed an upfront cash payment from Portsmouth, as part of the deal that would see the club exit administration.
Portsmouth released a statement that said, “Despite the new owners fulfilling all the requirements of the Football League and 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 Gaydamak.”
The statement continued, “It appears likely that the club will now be closed down and liquidated by the administrators."
In February, Portsmouth entered into administration and were docked nine points by the Premier League, which consigned them to relegation and the Championship.
The club is believed to have debts of up to £120m. In October the club was expected to exit administration, but the Football League vetoed the decision.
Portsmouth administrator Andrew Andronikou believes that without Gaydamak’s backing the club will be forced to go into liquidation.
"We've reached a serious impasse in our negotiations with Sacha Gaydamak and until we can reach agreement with him, there is a significant risk that the club will have to be liquidated,” he said.
Gaydamak sold the club to Sulaiman Al Fahim in 2009 after he was owner of the club for three years.
The former owner’s demand for the club to put cash up front to exit administration seems to have derailed Pompey’s hopes of avoiding liquidation.
"We have agreed terms with every other party involved, but there is now this new obstacle that must be cleared. We are trying to get Sacha Gaydamak to see sense," said Andronikou.
The survival of the club appears to be down to Gaydamak and his stance on a payment.
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