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, 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.
+16
Grenade
Pippo
Danny
Kuled
Barton
Jamie
Mal
Jord
AriseForLife
Lux
Cadbury
jeb4eva
North_Sea_Tiger
bcfcben
Cornholio
Scouser_Dave
20 posters
Portsmouth to be closed down
Mal-
- Posts : 31043
Age : 34
Mal-
- Posts : 31043
Age : 34
Hreidarsson just signed a new deal today as well. 
Scouser_Dave-
- Posts : 7498
Bergkamp wrote:Hreidarsson just signed a new deal today as well.
Barton-
- Formerly known as : JMB_94
Posts : 10066
Age : 30
If they go out of buissness it's going to fuck up the entire league system.
Mal-
- Posts : 31043
Age : 34
JMB_94 wrote:If they go out of buissness it's going to fuck up the entire league system.
Well not really, it'll just be 23 teams and an extra team will be promoted from the conference.
Barton-
- Formerly known as : JMB_94
Posts : 10066
Age : 30
Bergkamp wrote:JMB_94 wrote:If they go out of buissness it's going to fuck up the entire league system.
Well not really, it'll just be 23 teams and an extra team will be promoted from the conference.
Well what about the fixtures? Some teams havn't played Portsmouth yet this season.
Mal-
- Posts : 31043
Age : 34
JMB_94 wrote:Bergkamp wrote:JMB_94 wrote:If they go out of buissness it's going to fuck up the entire league system.
Well not really, it'll just be 23 teams and an extra team will be promoted from the conference.
Well what about the fixtures? Some teams havn't played Portsmouth yet this season.
All points won against Portsmouth will be scrapped.
Barton-
- Formerly known as : JMB_94
Posts : 10066
Age : 30
Bergkamp wrote:JMB_94 wrote:Bergkamp wrote:JMB_94 wrote:If they go out of buissness it's going to fuck up the entire league system.
Well not really, it'll just be 23 teams and an extra team will be promoted from the conference.
Well what about the fixtures? Some teams havn't played Portsmouth yet this season.
All points won against Portsmouth will be scrapped.
Ah right, we got a hard earned 0-0 draw at Fratton Park in September as well.
Mal-
- Posts : 31043
Age : 34
I think Gaydamak will be persuaded to stop being a cock and Portsmouth will be saved.
Hopefully.
Hopefully.
Guest- Guest
Disgusting. The amount some players are paid and they can't spare anything for a club. It's disgraceful.
If I was earning £100k a week, I'd be throwing it to Portsmouth. Don't need it after all.
If I was earning £100k a week, I'd be throwing it to Portsmouth. Don't need it after all.
Barton-
- Formerly known as : JMB_94
Posts : 10066
Age : 30
Dan wrote:Disgusting. The amount some players are paid and they can't spare anything for a club. It's disgraceful.
If I was earning £100k a week, I'd be throwing it to Portsmouth. Don't need it after all.
Well Rooney needs it for his prostitutes.
Mal-
- Posts : 31043
Age : 34
They all live expensive lifestyles with mortgages to pay, I'm not sticking up for footballers and their wages but that money has to last them for the rest of their lives after their 35th birthday.
Guest- Guest
Im sure rooney could live off £46,800,000 <--- thats how much hes getting paid at least if he stays on his contract for the whole thing
Guest- Guest
Mal I do get where you are coming from. But how much is this Pompey man owed? Whats to stop all the top English players putting 10k in? 10 players thats 100k, 100 players thats 1 million quid.
Kuled-
- Posts : 55235
Age : 28
So does that mean the L1 championship will have 4 places for promotion??
Mal-
- Posts : 31043
Age : 34
Cameron_LFC wrote:Im sure rooney could live off £46,800,000 <--- thats how much hes getting paid at least if he stays on his contract for the whole thing
50% tax as well. Of course he could live on it, if he decided to live like a normal person but he won't, he will live an expensive lifestlye if he can.
Guest- Guest
Bergkamp wrote:They all live expensive lifestyles with mortgages to pay, I'm not sticking up for footballers and their wages but that money has to last them for the rest of their lives after their 35th birthday.
Sorry, but they can have their mortgage paid off pretty quickly with £100k+ a week mate.
I'm pretty sure the likes of Beckham, Rooney, Kaka etc. won't miss £100k out of their £40m+ annual earning.
Mal-
- Posts : 31043
Age : 34
James wrote:Mal I do get where you are coming from. But how much is this Pompey man owed? Whats to stop all the top English players putting 10k in? 10 players thats 100k, 100 players thats 1 million quid.
Yeah if all of them did it, it would be great but that would never happen. I'm just saying we can't expect one player to be throwing a £1m at Portsmouth.
Mal-
- Posts : 31043
Age : 34
Dan wrote:Bergkamp wrote:They all live expensive lifestyles with mortgages to pay, I'm not sticking up for footballers and their wages but that money has to last them for the rest of their lives after their 35th birthday.
Sorry, but they can have their mortgage paid off pretty quickly with £100k+ a week mate.
I'm pretty sure the likes of Beckham, Rooney, Kaka etc. won't miss £100k out of their £40m+ annual earning.
If I'm earning £100k a year and my next door neighbour needs £2000 I ain't gonna give it to him. Portsmouth is nothig to do with these people so they're not obliged to help but yes really they SHOULD.
Last edited by Bergkamp on Sat Oct 23, 2010 5:47 am; edited 1 time in total
Jord-
- Formerly known as : SUPAH BURNLEY!
Posts : 33665
Location : Equestria
Supports : Liverpool FC
Doubt they still live in their big houses after they retire. Same goes for buying a new car every 5 month. Plus he'll have all his other deals after he retires.
Footballers such as Rooney will have plenty of money left after their playing days are over.
Footballers such as Rooney will have plenty of money left after their playing days are over.
Guest- Guest
Bergkamp wrote:Dan wrote:Bergkamp wrote:They all live expensive lifestyles with mortgages to pay, I'm not sticking up for footballers and their wages but that money has to last them for the rest of their lives after their 35th birthday.
Sorry, but they can have their mortgage paid off pretty quickly with £100k+ a week mate.
I'm pretty sure the likes of Beckham, Rooney, Kaka etc. won't miss £100k out of their £40m+ annual earning.
If I'm earning £100k a year and my next door neighbour needs £2000 I ain't gonna give it to him.
If it was £100k a week?
Barton-
- Formerly known as : JMB_94
Posts : 10066
Age : 30
Bergkamp wrote:James wrote:Mal I do get where you are coming from. But how much is this Pompey man owed? Whats to stop all the top English players putting 10k in? 10 players thats 100k, 100 players thats 1 million quid.
Yeah if all of them did it, it would be great but that would never happen. I'm just saying we can't expect one player to be throwing a £1m at Portsmouth.
In all seriousness, why would players like Beckham, Rooney, Ronaldo etc feel the need to donate money to Portsmouth FC? It's not a charity for christ sake. Sure the fans are suffering, but the owners are the ones that got themselves into this mess.
Mal-
- Posts : 31043
Age : 34
Dan wrote:Bergkamp wrote:Dan wrote:Bergkamp wrote:They all live expensive lifestyles with mortgages to pay, I'm not sticking up for footballers and their wages but that money has to last them for the rest of their lives after their 35th birthday.
Sorry, but they can have their mortgage paid off pretty quickly with £100k+ a week mate.
I'm pretty sure the likes of Beckham, Rooney, Kaka etc. won't miss £100k out of their £40m+ annual earning.
If I'm earning £100k a year and my next door neighbour needs £2000 I ain't gonna give it to him.
If it was £100k a week?
Yeah I'd give £2000 away but Portsmouth don't need £2000
Guest- Guest
Bergkamp wrote:Dan wrote:Bergkamp wrote:Dan wrote:Bergkamp wrote:They all live expensive lifestyles with mortgages to pay, I'm not sticking up for footballers and their wages but that money has to last them for the rest of their lives after their 35th birthday.
Sorry, but they can have their mortgage paid off pretty quickly with £100k+ a week mate.
I'm pretty sure the likes of Beckham, Rooney, Kaka etc. won't miss £100k out of their £40m+ annual earning.
If I'm earning £100k a year and my next door neighbour needs £2000 I ain't gonna give it to him.
If it was £100k a week?
Yeah I'd give £2000 away but Portsmouth don't need £2000
Nope, but surely the players over £100k a week could chip something in together. After all, without football clubs they'd be just like us, the fans.
Guest- Guest
Bergkamp wrote:Dan wrote:Bergkamp wrote:They all live expensive lifestyles with mortgages to pay, I'm not sticking up for footballers and their wages but that money has to last them for the rest of their lives after their 35th birthday.
Sorry, but they can have their mortgage paid off pretty quickly with £100k+ a week mate.
I'm pretty sure the likes of Beckham, Rooney, Kaka etc. won't miss £100k out of their £40m+ annual earning.
If I'm earning £100k a year and my next door neighbour needs £2000 I ain't gonna give it to him. Portsmouth is nothig to do with these people so they're not obliged to help but yes really they SHOULD.
Of coarse they are not obliged, but they can help the sport they love, a team that doesn't deserve to be folded.
Mal-
- Posts : 31043
Age : 34
Dan wrote:Nope, but surely the players over £100k a week could chip something in together. After all, without football clubs they'd be just like us, the fans.
As I said, it'd be great if they all did but it just won't happen.
If Portsmouth do go out of business they will rise again. AFC Wimbledon are not far from the football league after all that time and it's so great to see.
Guest- Guest
AFC Wimbledon look like they will get to the FL this season.
Guest- Guest
yah but it would take around 8 years with instant promotion to get back to the BSPL. That's what it took for Wimbledon.
Portsmouth Fans aren't going to want that. Best case scenario they buy a license of a team in the BSPL and skip all that promotion. (Or does it not work that way in England?)
Portsmouth Fans aren't going to want that. Best case scenario they buy a license of a team in the BSPL and skip all that promotion. (Or does it not work that way in England?)
Guest- Guest
James wrote:AFC Wimbledon look like they will get to the FL this season.
Would be fantastic to see. Complete disgrace what happened to them. Hope they get back to the big time, or at least ahead of Franchise FC.
Mal-
- Posts : 31043
Age : 34
James wrote:AFC Wimbledon look like they will get to the FL this season.
My second team, my guilty pleasure.
