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Page last updated at 22:36 GMT, Saturday, 23 October 2010 23:36 UK

Portsmouth creditor Sacha Gaydamak to sign vital deal

Portsmouth fans
Pompey went into administration in February 2010

Former Portsmouth owner Sacha Gaydamak says an agreement has been reached that may pave the way for the Championship club to exit administration.

A statement issued by Pompey on Friday claimed a row over a £2.2m sum owed to Gaydamak threatened the club's future.

"A new agreement was reached on Saturday and as soon as I receive the papers I'll sign them," said Gaydamak, who is a key creditor.

"I hope this draws to an end the uncertainty surrounding the club."

As well as Gaydamak, Barclays Bank and another former owner, Balram Chainrai, are the stricken Hampshire club's main secured creditors.

Gaydamak says he has secured debt of more than £2.2m, and Portsmouth's Friday statement claimed he asked for an unspecified amount of that to be paid up front, which would have resulted in the club folding.


However Gaydamak dismissed that claim as a negotiating tactic, though he did not clarify by whom.

"Portsmouth, its fans, employees, players and the community that surrounds it deserve more than being subjected to rumour resulting from some parties using the press," added Gaydamak, who while owed £2.2m, will receive £2.5m in instalments over five years.

I have been monitoring the situation at Portsmouth for several months and trying to do a deal for some weeks

Ex-Hull chairman Paul Duffen

Portsmouth's debt at one point stood at around £120m before they entered administration in February 2010 and were ultimately relegated, and the club's administrator Andrew Andronikou confirmed a deal worth 20p in the pound to unsecured creditors had been agreed.

"Contrary to some reports, I fully intended to sign the deal on Friday and had it not been changed at the last minute I would have," said Gaydamak.

"Everyone involved understood on Friday that further negotiations were now required."

Meanwhile, former Hull chairman Paul Duffen says he has put together a consortium that is interested in taking over Portsmouth.

"I have been monitoring the situation at Portsmouth for several months and trying to do a deal for some weeks," Duffen told Express FM. "I have a fully funded bid ready to go."

Duffen was part of a consortium that bought the Tigers from Adam Pearson in June 2007, the year before they were promoted to the Premier League.

They began the 2008-09 season well but struggled towards the end of the season and only escaped relegation on the last day of the campaign.

Duffen stepped down as executive chairman of the club and Superstadium Management Company Ltd in October 2009, with Pearson returning to the club as chairman.

In February Hull settled a financial dispute with Duffen out of court "on terms satisfactory to the club", after accusing their former chairman of spending company money for his own personal use.

The club had also alleged Duffen's company received payments from agents in return for using those agents to deal with the transfer of players.

Duffen had denied the allegations at a preliminary hearing at the High Court.

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see also
Portsmouth 'likely to close down'
22 Oct 10 |  Portsmouth
Hull 1-2 Portsmouth
23 Oct 10 |  Championship
Pompey plans blocked by League
14 Oct 10 |  Portsmouth
Pompey anxiety over delay to sale
30 Sep 10 |  Portsmouth
Al Fahim completes Pompey buy-out
26 Aug 09 |  Portsmouth
Gaydamak ready to sell Portsmouth
07 Dec 08 |  Portsmouth
Brown defiant despite Duffen exit
29 Oct 09 |  Hull

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