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Portsmouth face banking crisis

Portsmouth, were taken out of Adminstration by the takeover by Convers Sports Initiatives in June 2011 but say the plight of Snoras Bank, part owned by one of Pompey's main backers Vladimir Antonov, will have no direct impact on their day-to-day operations.

The bank has gone into temporary administration. The Russian businessman is the backer of Convers Sports Initiatives which owns Portsmouth Football Club.

Portsmouth commented on Friday:

"Portsmouth Football Club are aware of the recent news reports in connection with Snoras Bank," said the statement.

"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.

"As such, the circumstances of Snoras Bank have no direct impact on our day-to-day operations, which carry on as normal."

TM

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