Tue, 24 Jan 2012 | BUSINESS SALE
Portsmouth FC is due to be issued with a winding-up petition by HM Revenue and Customs over two unpaid tax bills to a total of £1.6 million.
The club is seeking a new owner after its parent Convers Sports Initiatives (CSI) was placed into administration in November last year. At the time of entering administration, Vladimir Antonov, the owner of CSI, resigned as the chairman and director of Portsmouth with immediate effect.
The club now requires fresh investment just to pay its regular operational costs.
David Lampitt, Portsmouth’s chief executive commented on the situation to the BBC, “The club does not have the funding that would have been there if our previous owner had been in place. It has been a difficult two months to balance the financial position of the football club.
“We are in a difficult position and will remain in a difficult position until the ownership is sorted.”
Joseph Cala, an Italian businessman, turned away from a deal to purchase the club last week.
There are other potential buyers, and CSI’s administrator Andrew Andronikou said on Friday that he wants to secure a deal for the club within the next seven days.
A buyer will be expected to come up with £12 million as proof of available funds, and the ability to pay a further £20 million in debt repayments to creditors Balram Chainrai and Alexandre Gaydamak.
Serving blue-chip data management and security technology clients across the globe, this disruptive software development company provides tools and services to assess, repair, and recover, and migrate enterprise backup products.
Operating internationally, the company delivers tailored electrical distribution and control solutions to public and private sector clients across a wide range of industries.
This substantial 43-bedroom urban hotel, situated just 5 miles from Newcastle city centre, offers an exceptional investment opportunity with its prime trading location and extensive public areas, including a popular bar and refurbished function room.
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