Published>Sat, Oct 23 10 12:37 AM
English Championship (second division) side Portsmouth face closure and liquidation after a deal to remove the club from adminstration was scuppered on Friday, the club said in a statement.
Portsmouth, who were relegated from the Premier League and reached the FA Cup final last season after a turbulent period financially, said they "are unable to support the continued trading of the club".
Portsmouth said a deal to exit administration had been agreed by the new owners, the administrators, the Football League and the creditors only to then be made "impossible to complete" by key creditor Alexandre Gaydamak.
Portsmouth said Gaydamak had been offered full payment for the secured part of his debt "in accordance with the financial plan approved by the Football League".
However, the club added that he "has demanded a very significant upfront cash payment in order to allow the deal to proceed by releasing his security."
"All other parties had managed to reach agreement," read the club statement.
"This has now been undermined by the self-interested actions of one individual. Mr Gaydamak has provided confirmation several times that terms were agreed. However, he has continually changed his position in an attempt to exploit the goodwill of the other parties to the transaction."
"His earlier comments when the club went into Administration about doing everything possible to save the club's future do not appear to reflect his current actions."
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