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Portsmouth owners enter administration

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By Derek Baker

Wednesday 30 November 2011

Portsmouth announced late yesterday that Vladimir Antonov has left the club, after Convers Sports Initiatives, the club’s owners, were placed under administration.

A statement release by Portsmouth yesterday afternoon quoted: "Portsmouth Football Club can today provide the following information regarding recent events as a result of issues relating to Vladimir Antonov and Snoras Bank:

"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."

Portsmouth became the first Premier League club to enter administration in February 2010. That dark period in Pompey’s history saw them docked nine points, and consequently relegated.

Now the worry is that the South Coast club may be docked points once again, despite their side only sitting above the relegation zone on goal difference.

Fierce rivals Southampton were deducted 10 points under similar circumstances back in 2009, when their parent company, Southampton Leisure Holdings entered administration.

However, Andronikou thinks it will be unlikely for Pompey to experience any points docked, but did express the necessity to find a new buyer as soon as possible: "We need to find a purchaser to put funds into the club around the new year," he added.

"Our remit really is to find a new owner. Historically in every club's cash-flow profile the end of the season is the most gruelling so it's important to get something sorted for then."

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