Portsmouth's parent company in administration
Wed 30th Nov 2011 | Football Club Administration
The parent company of Portsmouth Football Club has been placed into administration it was announced yesterday.
A statement released by the club regarding recent events as a result of issues relating to club chairman Vladimir Antonov and Snoras Bank read, “The club's parent company, Convers Sports Initiatives plc (CSI), has been placed into administration.
“Vladimir Antonov has resigned as chairman and director of Portsmouth Football Club.”
However, statement pointed out that “Portsmouth Football Club (2010) Limited – the company that operates PFC – is not in administration and continues to trade.”
Antonov was arrested last week over alleged asset stripping at Snoras Bank. His announcement that he was stepping down from his role as chairman of the club has placed doubts over the club’s future. It’s understood that funding is in place for the short term, but they are now seeking alternative investment for its longer-term requirements.
Portsmouth chief executive David Lampitt said: "After the extraordinary amount of work put in by so many people over the last 18 months to get to this point, it is incredibly disappointing for the club to find itself in this position.
"I want to assure staff and fans that we will continue to do everything possible to safeguard the position of the club and its longer term future."
The Football League will now investigate a possible points deduction for the struggling Championship club "The matter will be considered by the Board of the Football League as and when all the facts surrounding the administration of the club's parent company become available," a Football League spokesman told the BBC.
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