Ex-Pompey owner says will secure club's future

Ex Portsmouth owner Sacha Gaydamak said Saturday he would sign a new deal with the club to secure its financial future a day after the English second tier outfit said they could go out of existence.

The cash-strapped Championship side had said Friday they would close down unless they could reach a deal with former owner and creditor Gaydamak, as well as prospective buyer Balram Chainrai.

In a statement, the club indicated: "It appears likely that the club will now be closed down and liquidated" by the administrators as they were unable to support continued operations.

Relegation

Portsmouth, still in administration following financial woes which accompanied their relegation from the Premier League last May, said they believed striking a deal would likely prove "impossible."

But Gaydamak has now said he will sign a new agreement, while criticising "negotiating tactics" surrounding the situation.

"Portsmouth Football Club, its fans, employees, players and the community that surrounds it deserve better than being subjected to rumour resulting from some parties using the press to create uncertainty as a negotiating tactic," he said.

"I fully intended to sign the deal on Friday and had it not been changed at the last minute I would have.

"Everyone understood on Friday that further negotiations were now required.

Agreement

"A new agreement was reached late this evening and as soon as I receive the papers I will sign them.

"I hope this draws to an end this unfortunate uncertainty surrounding the club."

If the club did go to the wall, Portsmouth would become the first Football League club since Maidstone United in 1992 to go out of business. That year, Aldershot were also closed down.

Portsmouth became the first Premier League club to enter administration last season and the nine points they were docked hastened their relegation.

LONDON, Sunday AFP