Date: 26th February 2010 at 10:01pm
Written by:

I am sure that we have all now seen the press conference that Andrew Andronikou, the administrator put in charge of us, gave this afternoon by now?

To be honest I thought that the guy came across pretty well as being ‘firm but fair’, well as fair as an administrator can be – so I guess we now let him do his job. Oh he has suggested that he will get to the very bottom of everything, with no stone being left unturned and if anyone needs to be called to justice they will be!

Well this is his statement, below, as issued on The Pompey Site


A Statement From Andrew Andronikou

At approximately 10:30 this morning, my partners Peter Kubik, Michael Kiely and I were appointed joint administrators to the company and the football club.

We are fully responsible for all executive decisions at the club and we have now formally begun the restructuring process.

For the avoidance of any doubt, the company is not going to be placed into liquidation as the winding-up petition – which was due to be heard on Monday morning – has been suspended by virtue of our appointment.

I believe given the extensive media attention around this matter, I should set out from the onset the objectives of the administration.

We are looking to immediately address the significant monthly cash burn of the club by implementing a strict cost rationalisation programme.

This means every aspect of the club’s overhead will be reviewed and scrutinised. Our aim is to maximise all revenue streams and to eradicate all unnecessary costs.

It is imperative if this club is going to survive that it returns to the fundamentals of any other business in the United Kingdom and functions within its means by avoiding to trade at a loss.

Accordingly, we have many important and difficult decisions to make ahead.

Discussions with interested parties:
We are fortunate to have inherited a list of interested parties. Over the next few weeks we are going to explore these expressions of interest with a view to procuring either an investor or outright purchaser of the club.

However, given the recent history of the club, I would like to make it very clear before any other interested party approaches us that we will require upfront unequivable proof of funds and also references that the party will satisfy either the Premier League or Football League’s profile for a fit and proper person.

The history:
At present we are only looking forward to stabilise the club and to reinstate a solid foundation for the future.

We do, however, have the responsibility of investigating the company’s recent financial history. I can assure you that this will be undertaken but at present we are focusing on the problems in hand – which are not insignificant.

We aim to conduct the administration on a transparent basis. We fully understand that this matter is of great importance to the local community, as well as carrying a significant amount of public interest.

In our capacity as court officers we have a duty of care to the creditors of the company and we will formulate proposals in due course that will provide them with a maximum return on the exit of the administration, as well as ensuring that this club fulfils its outstanding Premier League fixtures.

We will have our proposals ready for circulation within eight weeks of today’s date and accordingly a creditors meeting will be convened around that time scale.

The company will exit administration by way of a Company Voluntary Arrangement, thus avoiding any further possible point deductions next season.

I would like to thank the Premier League for their assistance thus far – they are doing their best to give us concessions to keep us going.

I’d also like to thank Portpin Limited – in particular Mr Balram Chainrai – for their assistance in getting the club to this safe haven.

I also appeal to the supporters to try to put a very disturbing season behind them and continue to support their club. I promise you we will save your club and take you forward.

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