A black day for the Blues? Yes, but not in all ways
By Site reporter
Friday 26 Feb 2010 21:45:00
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If it was possible to hear positive words on the day when Pompey went into administration, then the men appointed to take control at Fratton Park delivered them.

While they warned of some serious cost-cutting and ‘not insignificant’ problems, they also delivered upbeat messages about the club now being in a ‘safe haven’ – and avoiding any points deductions beyond the nine points they will lose from this season’s tally.


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Andrew Andronikou issued a detailed statement outlining what his and his colleagues’ role would be now Pompey were in administration. He said they would come up with detailed proposals to take the club forward within eight weeks.

Here are the main points from his statement, made after he, Peter Kubik and Michael Kiely were appointed joint administrators to the company and the football club.

* The company is not going to be placed into liquidation as the winding-up petition – which was due to be heard on Monday morning – has been suspended by virtue of our appointment.

* We are looking to immediately address the significant monthly cash burn of the club by implementing a strict cost rationalisation programme. This means every aspect of the club’s overhead will be reviewed and scrutinised. Our aim is to maximise all revenue streams and to eradicate all unnecessary costs.

* It is imperative that if this club is going to survive that it returns to the fundamentals of any other business in the United Kingdom and functions within its means by avoiding to trade at a loss.

* We are fortunate to have inherited a list of interested parties. We are over the next few weeks going to explore these expressions of interests with a view to procuring either an investor or outright purchaser of the club. However… we will require upfront unequivable proof of funds and also references that the party will satisfy either the Premier League or Football League’s profile for a fit and proper person.

* We have the responsibility of investigating the company’s recent financial history … this will be undertaken but at present we are focusing on the problems in hand – which are not insignificant.

* We aim to conduct the administration on a transparent basis. We fully understand that this matter is of great importance to the local community as well as carrying a significant amount of public interest.

* We have a duty of care to the creditors of the company and accordingly we will formulate proposals in due course that will provide them with a maximum return on the exit of the administration, as well as ensuring that this club fulfils its outstanding Premier League fixtures. We will have our proposals ready for circulation within eight weeks of today’s date and accordingly a creditors’ meeting will be convened around that time scale.

* The company will exit administration by way of a Company Voluntary Arrangement, thus avoiding any further possible point deductions next season.

* I would like to thank the Premier League’s assistance thus far – they are doing their best to give us concessions to keep us going. I’d also like to thank Portpin Limited – in particular Mr Balram Chainrai – for their assistance in getting the club to this save haven.

* I believe that is all I have to say for now – other than to appeal to the supporters of the club to try to put behind them a very disturbing season and to support their club. I promise you we will save your club and take you forward.

Other developments today included Peter Storrie revealing he would step down from his job once administration was complete, and the chief executive claiming in an interview with The Quay that, on reflection, he now felt the Al Faraj takeover was by people who thought they could make a quick profit and then resell the club.

Pompey go to Burnley on Saturday knowing that if the Premier League deduct nine points at a meeting on Tuesday - and the administrators are unsuccessful in a planned appeal - they will probably need to win nine of their last 12 games to stay up. Well, it's good to have a target...

 

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