Portsmouth have confirmed that their parent company Convers Sports Initiatives has been placed into administration.
Portsmouth could face another points deduction
Portsmouth have confirmed that their parent company Convers Sports Initiatives has been placed into administration.
CSI owner Vladimir Antonov has resigned as chairman and director of Portsmouth Football Club with immediate effect.
CSI only took control of Pompey on 1st June, but now the club are again facing a far from certain future.
Pompey only came out of their previous administration little over 12 months ago under the regime of former owner Balram Chainrai who sold the club to Antonov's company.
But Antonov is being investigated by prosecutors in Lithuania over alleged asset stripping at Bankas Snoras, and he is now under arrest and subject to extradition proceedings.
The Lithuanian government claims that about £250million has been misappropriated from the bank's funds.
As a result of Antonov's problems, CSI has been placed into administration, which Portsmouth confirmed in a statement released on Tuesday.
Statement
The statement read: "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."
