Portsmouth to "close down".

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Portsmouth say they are likely to fold as they are unable to continue trading after talks with former owner and key creditor Sacha Gaydamak broke down.

 

The club claim that Gaydamak demanded an upfront cash payment to facilitate a possible deal to go through and allow them to exit administration.

 

"It appears likely that the club will now be closed down and liquidated by the administrators," said Pompey.

 

Earlier in October the club's latest plan to exit administration was vetoed.

 

That proposal was blocked by the Football League on the grounds that they wanted clarification on four issues before handing Pompey's golden share back.

 

The Championship club went into administration in February with debts of around �£120m.

 

606: DEBATE

The news looks bad, really bad and as a fan of this beautiful game I hope that this can be turned around

 

TheGreatestSportsman

 

The first Premier League club to suffer that ignominy Pompey were then docked nine points and were subsequently relegated.

 

Gaydamak was Portsmouth's owner between 2006 and 2009 before selling the club to Sulaiman Al Fahim.

 

"Despite the new owners fulfilling all the requirements of the Football League and the creditors, and agreeing and signing up to the required terms of the purchase of the club, at the 11th hour the goalposts have been moved by Gaydamak," said Pompey in a statement.

 

Pompey administrator Andrew Andronikou added: "We've reached a serious impasse in our negotiations with Sacha Gaydamak and until we can reach agreement with him there is a significant risk that the club will have to be liquidated.

 

"We have agreed terms with every other party involved but there is now this new obstacle that must be cleared. We are trying to get Sacha Gaydamak to see sense."

 

Never liked Portsmouth although it is a shame.