Football

Gaydamak agreement to save Pompey

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Portsmouth's future looks assured after former owner Sacha Gaydamak said he will sign an agreement with the club over cash owed to him.

Under the deal, Portsmouth will pay Gaydamak £2.2million in instalments over the next five years.

Gaydamak said: "A new agreement was reached late this evening (Saturday) and as soon as I receive the papers I will sign them."

However, Gaydamak also expressed his frustration with the club for scaremongering about the club being on the brink.

"The news this week surrounding football and this club shows that the current preoccupation with money and finance isn't helping the game and its reputation.

"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.

"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. I hope this draws to an end this unfortunate uncertainty surrounding the club. I wish everyone involved in the club well for the future."

The club had claimed they were on the brink of ceasing trading because Gaydamak had refused to sign the deal but Tim Stocks of Gaydamak's lawyers Taylor Wessing said there were merely some technical details to be agreed and that there was never any threat to the club.

Stocks said: "There was never any demand of £2.5million being paid in cash - there were five or six highly-technical points on some of the contracts which I had agreed with the administrator.

"I was baffled and saddened therefore to see announcements saying the club was at the brink, it has caused anxiety for no good reason. I would like to reassure Portsmouth fans that the club is not on the brink."

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Topics:
Portsmouth
Football
Championship

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