It looks as if Portsmouth is set to come out of administration soon. An agreement has been reached with former owner Sacha Gaydamak to pay off the £2.2m he is owed in instalments over five years. Former Hull chairman Paul Duffen, a somewhat controversial figure, claims to have put together a consortium to buy the club.
It looks as if Portsmouth is set to come out of administration soon. An agreement has been reached with former owner Sacha Gaydamak to pay off the £2.2m he is owed in instalments over five years. Former Hull chairman Paul Duffen, a somewhat controversial figure, claims to have put together a consortium to buy the club.
It was never in Gaydamak’s interests to see the club be liquidated as he would have lost all his money. His concern was to ensure that reliable arrangements were put in place to settle the outstanding debt. He regards the rather dramatic statement issued by the club on Friday as a negotiating tactic.
But by whom and for what purpose is not clear. It is not clear that there was any need to put pressure on Gaydamak as the resolution of the problem was essentially being held up by technical questions rather than ones of principle. Perhaps the club just became frustrated at yet another delay.
In practice one purpose the announcement did serve was to persuade everyone involved they had to get a move on. Administrator Andrew Andronikou commented, ‘Recent activities were a wake-up call for everybody to say. “Look we just can’t sit here while everybody finesses their position. It is about coming to the table and cutting a deal.”‘
In a way there is a parallel with the Wayne Rooney situation at Manchester United with negotiations being conducted through the media. In both cases outsiders can see part of the picture, but are uncertain what it all adds up to.