Portsmouth liquidated ?

[Sunny]

http://uk.eurosport.yahoo.com/22102010/58/championship-portsmouth-set-liquidation.html

Portsmouth are set to fold after they were unable to come to an agreement with creditor Sacha Gaydamak.

RELATED LINKS
Portsmouth team page
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"It seems likely that Portsmouth will be closed down and liquidated by administrators as it cannot continue to trade," the club said.
The news means that the club will be liquidated unless administrators can come to a last-ditch arrangement with former chairman Gaydamak, who the club described as "self interested" in a strongly-worded statement.
A deal to exit administration had hinged on an agreement with Gaydamak.
Full Portsmouth statement:
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.
Eurosport

Bad news if this happens.

 

[Farkmaster]

That's sickening. People fail and expect a pay day.

 

[Sunny]

[quote author=Farkmaster link=topic=42383.msg1203859#msg1203859 date=1287771648]
That's sickening. People fail and expect a pay day.
[/quote]

Yeh on the back of the very clubs existence. No-one wants to see that.

 

[Asbo]

Fucking hell someone worse than H&G

 

[Avmenon]

What a bastard.

 

[Judge Jules]

They might have a good case against him in law. What they don't have is the money to pay the lawyers to fight it.

 

[RolandG]

We should buy Pompey and use it as a feeder team. Play all our Reserves there to give them game time. That would speed up their development.

 

[FoxForceFive]

Nah, I reckon it's bluster to strengthen his position & get a bit more cash.

Still fucking sickening like, but I'd be surprised if they go under.

 

[Rosco]

I wouldn't, the only reason they weren't put under last year was because of the embarrassment it would have caused the "biggest league in the world".

They're fucked now

 

[Squiggles]

Defoe
Crouch
Diarra
Kranjcar
Johnson
James

FA Cup winners

Now look... They sum up Britain as a whole really.

 

[jon545660]

[quote author=Squiggles link=topic=42383.msg1204179#msg1204179 date=1287845853]

Defoe
Crouch
Diarra
Kranjcar
Johnson
James

FA Cup winners

Now look... They sum up Britain as a whole really.
[/quote]

Says all that needs to be said about Harry's backing of H&G really.

 

[Squiggles]

I remember David James saying it was winning the FA Cup which tipped them over the edge.

Contractually they had to pay out vast sums of money to the players for winning the damn thing. Which is fucking vile really. If I were running a club I wouldn't financially reward players for winning trophies. They get enough, and it should play no part in their motivation.

 

[FoxForceFive]

Like I said, he was just posturing:

http://news.bbc.co.uk/sport1/hi/football/teams/p/portsmouth/9121791.stm