CSI Enter Administration

By Jim Bonner
Last updated : 29 November 2011

It has been confirmed that Convers Sports Initiatives has entered administration whilst Vladimir Antonov has resigned as director of Portsmouth Football Club.

UHY Hacker Young administrators Andrew Andronikou and Peter Kubik have been appointed at CSI but Pompey were keen to stress that it was not the football club that has gone into administration and issued this statement:

‘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.

‘Portsmouth Football Club (2010) Limited – the company that operates PFC – is not in administration and continues to trade.

‘The club has funding in place for the short term, but will now be seeking alternative investment for its longer-term requirements.’

So basically the officials at Portsmouth FC, especially David Lampitt, face a race against time to find another buyer for the club before the short-term cash dries up and the proverbial shit really hits the fan.

He may have an interested investor lined up in Balram Chainrai, a man who splits opinion amongst Pompey fans to say the least. With CSI unable to fulfil their financial obligations, the former owner once again becomes a secure creditor and would be able to take control of the club and ensure he eventually receives the money he is owed.

The other major issue this news brings about is the possible points deduction that may be on the horizon given that Pompey's parent club can no longer fund the running of the club in the long term.

Southampton fans will point to the 10 point deduction their club received when their holding company went into administration. The difference here is that Portsmouth FC is not the sole interest of CSI, a company whose sole intention is not to look after the finances of the football club because they deal with so many other franchises.

The Football League has released a statement saying their board won't be making any decision about a possible points deduction until they know all the facts regarding CSI entering administration.

Once again, the suffering Pompey fans will have to wait and see what happens. Some are already talking about taking action whether that be an active takeover of Portsmouth FC or starting their own "AFC Portsmouth" from scratch, such is the apathy surrounding Pompey's current plight.

So whilst it is likely that the football club won't go bust, there is a chance that we will face a struggle to stay in the Championship. And should Chainrai and his minimalist ownership come to fruitition then our football club won't be going anywhere fast.

It's never dull supporting this club, is it?

Portsmouth Match Reports

Sky Bet League One Sat 11th November 15:00

Blackpool 2 - 3 Portsmouth

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