UHY administrators called to Portsmouth FC owners

by Rachael Singh

More from this author

30 Nov 2011

  • Comments
Portsmouth FC badge

ADMINISTRATORS from UHY Hacker Young have been called to Portsmouth FC parent company Convers Sports Initiative.

Peter Kubik and Andrew Andronikou, partners at UHY Hacker Young, were appointed joint administrators of the business.

The two administrators along with Michael Kiely were previously appointed administrators of the football club two years ago.

Convers Sports Initiative (CSI), which bought Portsmouth FC in June 2010, entered administration following the arrest of its main shareholder Vladimir Antonov last week.

Kubik said: "We were appointed as administrators after uncertainty arose over the future of CSI. CSI has a number of sports related assets and we are very confident of finding interested buyers for these subsidiaries. Our aim is to ensure that the sale process is as smooth as it possibly can be."

"We will now be undertaking a period of due diligence at CSI and once that has been completed we will be in a better position to answer questions."

Currently a club that enters administration is deducted up to ten points by the League it is in.

However, if the administrators can prove to the Football Leagues that Portsmouth FC will be unable to write-off debts due to the administration and that the club is not linked to mismanagement or overspending, there is a possibility the deduction can be averted.

Last year Portsmouth administrators achieved a Company Voluntary Arrangement (CVA) to rescue the club following its collapse. As part of the CVA they transferred the business of football, such as players, managers and the League membership, to another company. The administrators, who became the supervisors, also agreed to repay creditors a percentage of their debt over a contracted period of time.

The original shell business was liquidated with Baker Tilly partners Geoff Carton-Kelly and David Hudson appointed in March.

Visitor comments

blog comments powered by Disqus

Add your comment

We won't publish your address

By submitting a comment you agree to abide by our Terms & Conditions

Your comment will be moderated before publication

  • Send

Charterhouse Accountants

Finance Officer

Charterhouse Accountants, Beaconsfield, Permanent, Full Time, £ Competitive




Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials


Search for jobs
Click to search our database of all the latest accountancy roles

Create a profile
Click to set up your profile and let the best recruiters find you

Jobs by email
Sign up to receive regular updates with the latest roles suitable for you



Why budgeting fails: One management system is not enough

If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.


iXBRL: Taking stock. Looking forward

In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.