Portsmouth FC, who face Coventry City on Saturday, have confirmed that their parent company Convers Sports Initiatives have been placed into administration.
CSI owner Vladimir Antonov, who made a bid for the Sky Blues back in May but was rejected by SISU as his plans did not include any payment to them, has resigned as Chairman and a Director of Portsmouth Football Club with immediate effect. He is being investigated in Lithuania for alleged asset stripping and has been arrested prior to be sent back to Lithuania.
A statement has been issued by Portsmouth and reads:
"Portsmouth Football Club can today provide the following information regarding recent events as a result of issues relating to Vladimir Antonov and Snoras Bank:
"The club's parent company, Convers Sports Initiatives plc (CSI), has been placed into administration.
"Vladimir Antonov has resigned as chairman and director of Portsmouth Football Club.
"Portsmouth Football Club (2010) Limited - the company that operates PFC is not in administration and continues to trade.
"The club has funding in place for the short term, but will now be seeking alternative investment for its longer-term requirements."
Pompey chief executive David Lampitt said: "After the extraordinary amount of work put in by so many people over the last 18 months to get to this point, it is incredibly disappointing for the club to find itself in this position.
"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."
As the company which owns Portsmouth FC is not in administration, Pompey will not face any sanctions for what happens to their owner and all matches will go ahead as scheduled.
Portsmouth Fans Trust statement: http://www.pompeytrust.com/index.php?option=com_content&view=article&id=348%3Atrust-statement-29112011&catid=34%3Ademo-category