Portsmouth has certainly been in focus last couple of years. More often off the pitch than actually on it. And unfortunately not often in a positive way, the most recent story being their main owner Vladimir Antonov involved in financial crime charges. Pompey’s journey the last ten years has definitely been a roller-coaster ride. As explained that journey goes both on and off the pitch...
Portsmouth Football Club is today owned by Convers Sports Initiatives PLC (CSI), which is 75 per cent owned by Russian Vladimir Antonov. CSI bought the club from Hong Kong businessman Balram Chainrai, director of Sports Holdings (Asia) Ltd. As the deal was completed in June 2011 CSI became Pompey’s fifth owners in three years.
But let’s take the story from the start, as well as the best part for Portsmouth, of the century. With Harry Redknapp in charge and major player signings Pompey gained promotion to the Premier League by winning the Championship 2002-03. Perhaps one aspect making it possible was also the fact that competitors at the time in opposite to them were struggling financially after the collapse of ITV Digital’s television deal.
The club followed up the promotion with three decent years finishing in the lower regions of the table, but avoiding relegation. In 2006 Portsmouth finished in the top half of the Premier League for the first time, somewhat with the financial contribution from new owners. The following season Pompey won the FA Cup and by that also secured European football for the first time. This period was to be the highlight of their success as this is where the positive story takes a turn...
In late 2008 Harry Redknapp left Portsmouth (again) for Tottenham Hotspurs and soon after the clubs financial problems became obvious. Portsmouth were forced to sell several of their best players, ironically including Peter Crouch, Niko Kranjčar and Jermaine Defoe all following Harry Redknapp to Spurs.
The financial situation got even more obvious in the early stages of the 2009–10 season as the club admitted problems paying players and staff wages. The club was even placed under a transfer embargo, which meant a forbid to sign any players.
Surprisingly, Portsmouth made it all the way to the FA Cup Final that year, which they lost to Chelsea. Their heaviest setback however was the relegation from the top flight to the Championship the same year. Apart from poor results on the pitch their financial results, with a estimated debt of £135m, didn’t help either. Especially as it led to Portsmouth being the first Premier League club to enter administration and consequently given a nine-point penalty from the FA Premier League.
One could claim that all controversy and financial mess off the pitch really has gone hand-in-hand with the poor results on the same. Portsmouth is still in the Championship and judging by their performance they are likely to remain there for some time. Last season they finished 16th in the Championship and even though his rather recent investment in the club, Chainrai, admitted that he was "not the right man for the club long-term". That was one reason for CSIs investment becoming Pompey's fifth owner since 2009.
This statement was released from the former owners on the Portsmouth website once the deal was secured: “We are delighted to hand over Portsmouth to CSI. We believe that CSI will lead Portsmouth into a bright future… As we committed to do, we have taken this club during the worst times and brought it to safe grounds from near extinction. The club was going through a very difficult period and now is being handed over to a strong, able and willing group”.
Two months after the takeover the new owners announced the re-signing of striker and fans-favorite Benjani.
About three months later though Vladimir Antonov faces a Europe-wide arrest warrant by Lithuanian prosecutors. This is because of an investigation into alleged asset stripping at Lithuanian bank Bankas Snoras, almost 70% owned by Antonov himself, which went into temporary administration the previous week. Operations in another of Antonov's banks, Krajbanka, were suspended by Latvian authorities about the same time for similar reasons.
The effect that could have on Portsmouth Football Club remains to be seen. The club released an official statement following the happenings: "Portsmouth Football Club are aware of the recent news reports in connection with Snoras Bank... The bank is part of the wider share holdings of Vladimir Antonov, but is in a different group of companies that operates entirely separately from our parent company, CSI, and the club”
CSI also released a statement saying that as far as they were concerned, it was "business as usual". Maybe not a very surprising approach to declare I would say.
Leading football finance expert Guy Thomas believes this situation could have a negative effect on the club. Thomas told BBC Sport that: "On the face of it, this is not directly bad news for Pompey or even its immediate owner CSI... But whilst any uncertainty hangs over the future of this Lithuanian Bank - and by implication Antonov - then it will hardly be an atmosphere in which Antonov will be keen to either focus on the club or push through any plans - via CSI - to improve the club's future outlook".
As it also is believed that the administrator will look at restructuring the business, along with reports that assets totalling around £247m may be unaccounted for I definitely think this could cause Portsmouth problems.
Portsmouth chief executive David Lampitt said this when CSI was declared as new owners: “I am pleased to welcome the club’s new owners and very much look forward to working with them… In CSI, I believe we have found owners who will take the long-term view”. It remains to be seen whether he will be of the same opinion after the outcome of these allegations.
Last season Portsmouth had a rather uneventful season and finished 16th place. At the moment they're only 3 points from relegation to League One. Off the field they're still very active though .Unfortunately still because of negative things.
/ Alexander
