Portsmouth likely to be closed down

(GSM) – Portsmouth could be closed down in days to come and be liquidated after former owner Alexandre Gaydamak’s refusal to sign a deal that would have seen the club survive.

Despite the administrators of the club reaching an agreement with the creditors and Football League that would allow have allowed the cash-strapped Championship side to come out of administration, it now seems that Gaydamak’s financial has prevented the deal to being completed.

A statement on the club read that the club could close in the next few days.

The statement read: ‘It appears likely that the club will now be closed down and liquidated by the administrators as they are unable to support the continued trading of the club.’

The club statement also read the creditors had agreed to the plan, but Gaydamak had changed his mind at the last minute and demanded a ‘very significant upfront cash payment to allow the deal to proceed’.

It added that it would not make such a ‘ransom payment’ and accused Gaydamak of showing ‘complete disregard for the supporters, the club and the city of Portsmouth’.

Pompey went into administration last season and the subsequent nine-point deduction left them with no hope of avoiding relegation from the Premier League.

They endured a tough start to the current campaign, but a five-game unbeaten run has seen them climb into a mid-table position in the Championship.