Portsmouth should survive

Pompey set to avoid extinction

October 23, 2010

Portsmouth's future should be assured after lawyers representing former owner Sacha Gaydamak revealed an agreement with the club should be signed on Saturday.

GettyImagesFormer owner Sacha Gaydamak had appeared to be pushing Pompey to the brink of extinction

• Andronikou: Work to be done
• Portsmouth on the brink

Tim Stocks of Gaydamak's lawyers Taylor Wessing said he would be recommending to the business tycoon that he signs the deal with Portsmouth tonight regarding the payment schedule of £2.2 million owed to him.

The club had claimed they were on the brink of ceasing trading because Gaydamak had refused to sign the deal.

Stocks insists there was merely some technical details to be agreed - which he did with Portsmouth's administrator Andrew Andronikou last night - and that there was never any threat to the club.

"I will be talking to Sacha tonight and recommending the documents are signed," 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. My instructions are to work towards trying to get an agreement tonight and I hope to do so.''

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

"This is a transaction that works for all creditors as well as Sacha so I'm hopeful we will get the paperwork signed. I would like to reassure Portsmouth fans that the club is not on the brink," Stocks said.

Portsmouth administrator Andrew Andronikou said a deal had to be done this weekend.

"I think common sense will prevail and all parties will come to the table this weekend - but it has to be this weekend.

"Yesterday evening's activities were really a wake-up call for everybody to say 'look, we just can't sit here whilst everybody else finesses their position. It is about coming to the table and cutting a deal'.''