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Pompey's good news hi-jacked? You can bank on it...
Pompey's good news hi-jacked? You can bank on it...
Friday, 18th Nov 2011 00:00 by Colin Farmery

This was going to be an unequivocal pro-Pompey article on the eve of new manager Michael Appleton's first match in charge.

But this being Pompey, just when you thought there was a chink of light at the end of the tunnel, the news of Snoras bank's imminent administration saw the club implicated in the international headlines again for all the wrong reasons.

Vladimir Antonov, who is the majority stakeholder in CSI, which wholly owns PFC, is also the principal shareholder of Snoras, which is now coming to terms with a gaping hole in it balance sheet.

Of course the news may well end up being no more than a little local difficulty - and no one would be happier than me to see that end up being the case - but many fans will share my sinking feeling as the news of Snoras's problems unfolds.

We have been here before, after all.

In consequence, the gut feeling is that this situation could possibly get worse, before it gets better. Billion-dollar bank collapses are news in anyone's book, so I'd advise Pompey fans to strap on their seat belts once more. We may be about to hit some turbulence.

An interesting challenge may well be the ability of the club to meet its obligations to the CVA. The first instalment is a few months off yet, so while the wheels may not fall off the club in the short-term, the CVA space is well worth watching.

Of more significance is the PR effect this news will have. Portsmouth Football Club has become a by-word in the past couple of years for, at best, financial profligacy and at worse activities which have sailed close to the financial wind.

Like Sacha Gaydamak's inability to shake off the shadow of his father or potless Sulaiman Al Fahim's tenuous grasp of the financial realities of running a football club, not to mention fake sheikhs borrowing money from Hong Kong-based lenders of last resort, Antonov's reputation will have been dented in the court of public opinion.

While not a fatal blow at this stage, there can be few who'd argue the omens are good. CSI's belated 'business as usual' statement [click here] is the absolute minimum - and not much more - one might expect as a response.

But back to the positives. Appleton has cut an impressive figure this week. His tone is measured and his confidence in his own ability evident. The fact 1,700 Pompey fans are off to Watford reinforces the feeling that this is an appointment Pompey may just have got right.

A win at Vicarage Road would, in any other circumstances, make it a good week all round for Chief Executive David Lampitt. His announcement of some half-season ticket bargains to woo back lost fans is also welcome news.

As a current season ticket holder I don't share the view that somehow this is a slap in the face for 'loyal' fans. Far from it. Pompey have a problem with supply far outstripping demand. It is in the best interests of everyone with PFC at heart for the club to generate additional revenue. Besides, an extra couple of thousand fans in the stadium will improve the atmosphere for all concerned.

Not for the first time good news has been hijacked by bad at Fratton Park, however. I expect Lampitt is used to that by now though...

Photo: Action Images



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