Tue, 29 Nov 2011 | ADMINISTRATION
Convers Sports Initiatives (CSI), the parent company of Portsmouth 'Pompey' Football Club, has gone into administration, casting an uncertain cloud over the future of the club.
Vladimir Antonov, the owner of CSI, resigned as the chairman and director of the club with immediate effect, as Pompey plunged into its second administration in a little over 12 months.
Antonov bought the club from former owner Balram Chainrai on 1 June this year, but he is now under arrest and subject to extradition proceedings, after being investigated by prosecutors in his native Lithuania over allegations of asset stripping at the bank, Bankas Snoras.
A statement from the football club confirmed its current status, but explained the company involved in the day-to-day running of the Championship club remained in business.
"Portsmouth Football Club (2010) Limited - the company that operates PFC is not in administration and continues to trade," the statement said. "The club has funding in place for the short term, but will now be seeking alternative investment for its longer-term requirements."
The chief executive of Pompey, David Lampitt, said that the news of the administration was incredibly disappointing for everyone who has fought to rescue the club over the last 18 months, but measures were already being taken to make secure the future of the club.
He stated, "I want to assure staff and fans that we will continue to do everything possible to safeguard the position of the club and its longer term future."
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