Is this the end for Portsmouth?(credit:
Wikipedia)
Portsmouth are on the verge of closure after talks with creditor Sacha Gaydamak collapsed.
The Championship club, who became the first ever Premier League team to enter administration last season, claim former owner Gaydamak has demanded an upfront cash payment to allow Pompey to get out of administration and admit it “appears likely that the club will now be closed down and liquidated”.
A statement on the club’s official website read: “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 Gaydamak.
“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.”
And Pompey administrator Andrew Andronikou added: “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.
“We have now 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.
“I’m hopeful that within the next 24 hours we can get the parties around the table and we can renegotiate to everyone’s satisfaction.”