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Portsmouth administrator Andrew Andronikou: I promise we will save the club from liquidation
Bold pledge from man in charge of the balance sheet at Fratton Park...
26 Feb 2010 14:54:00
By Alan Dawson
Portsmouth administrator Andrew Andronikou has promised the club's supporters that he will save the club from their current financial turmoil.
Andronikou, of insolvency experts UHY Hacker Young, was appointed administrator of the struggling Premier League club on Friday morning and admitted he was confident an investor would be found.
The administrator seemed upbeat that the club - the first ever Premier League club to enter administration - would be saved from liquidation.
"From what I've seen on the table, I've got every confidence that Portmouth will fulfill their fixture list and be playing football next year," he said on Friday afternoon.
"Matters here are exacerbated by the fact it's a Premier League club," he added. "There are higher stakes and much higher figures.
"The company is not going into liquidation as the winding-up petition that was due to be heard on Monday morning has been suspended on virtue of our appointment.
"We are looking to address the monthly cash-flow of the club by implementing a strict cost rationalisation programme.
"Every aspect of the club's overhead will be reviewed and scrutinised. We will look to maximise all revenues and unnecessary costs.
"We are fortunate enough to have received a list of interested parties and we are, over the next few weeks, going to explore these areas of interest with a view to procuring either an investor or an outright purchase of the club."
Andronikou added that he had talked briefly to manager Avram Grant, and confirmed the Israeli will remain in charge until the end of the season.
Andronikou was handed a list of potential investors when he arrived at the club, but warned that would-be buyers will only be welcomed should they provide "unequivocal" proof of funds."
"Given the recent history of the club I would like to emphasise that we will require up front and equivocal proof of funds and a party that will satisfy the Premeir League and pass a fit and proper person test," he added.
Andronikou then made a promise to the club's fans: "One other note, to our supporters: please stay behind the club, I know it is a very disturbing season for you and I am sorry you are where you are.
"I promise you I will save your club and take you forward. Please enjoy the rest of the season."
Andronikou also revealed there is a possibility the Premier League could allow the club to trade outside the transfer window in a bid to raise much-needed funds.
"It is not my decisions to decide but there have been a number of clubs looking at players," he told Sky Sports.
"I have been indicated that I might be able to [sell players]."
He confirmed he would talk to the staff and players on Friday, but admitted job losses could be a result of the restructuring process and by the end of next week the future of many of the club's staff would be decided.
Andronikou parted with a gloomy forcast for the future of football. "We won't be the last club [to go into administration]," he said.
Andronikou, of insolvency experts UHY Hacker Young, was appointed administrator of the struggling Premier League club on Friday morning and admitted he was confident an investor would be found.
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The administrator seemed upbeat that the club - the first ever Premier League club to enter administration - would be saved from liquidation.
"From what I've seen on the table, I've got every confidence that Portmouth will fulfill their fixture list and be playing football next year," he said on Friday afternoon.
"Matters here are exacerbated by the fact it's a Premier League club," he added. "There are higher stakes and much higher figures.
"The company is not going into liquidation as the winding-up petition that was due to be heard on Monday morning has been suspended on virtue of our appointment.
"We are looking to address the monthly cash-flow of the club by implementing a strict cost rationalisation programme.
"Every aspect of the club's overhead will be reviewed and scrutinised. We will look to maximise all revenues and unnecessary costs.
"We are fortunate enough to have received a list of interested parties and we are, over the next few weeks, going to explore these areas of interest with a view to procuring either an investor or an outright purchase of the club."
Andronikou added that he had talked briefly to manager Avram Grant, and confirmed the Israeli will remain in charge until the end of the season.
Granted reprieve | Avram will stay as boss
Andronikou was handed a list of potential investors when he arrived at the club, but warned that would-be buyers will only be welcomed should they provide "unequivocal" proof of funds."
"Given the recent history of the club I would like to emphasise that we will require up front and equivocal proof of funds and a party that will satisfy the Premeir League and pass a fit and proper person test," he added.
Andronikou then made a promise to the club's fans: "One other note, to our supporters: please stay behind the club, I know it is a very disturbing season for you and I am sorry you are where you are.
"I promise you I will save your club and take you forward. Please enjoy the rest of the season."
Andronikou also revealed there is a possibility the Premier League could allow the club to trade outside the transfer window in a bid to raise much-needed funds.
"It is not my decisions to decide but there have been a number of clubs looking at players," he told Sky Sports.
"I have been indicated that I might be able to [sell players]."
He confirmed he would talk to the staff and players on Friday, but admitted job losses could be a result of the restructuring process and by the end of next week the future of many of the club's staff would be decided.
Andronikou parted with a gloomy forcast for the future of football. "We won't be the last club [to go into administration]," he said.
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| Open an account with Sportingbet today and get up to £50 in free bets! |
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| Sign up with William Hill for a free bet up to £25 |
|
| Sign up with bet365 for a free bet up to £200 |
|
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