Pompey takeover talks ongoing

Portsmouth administrator Andrew Andronikou says negotiations with a party interested in buying the club are ongoing.

Investment negotiations continue at Fratton Park

Portsmouth administrator Andrew Andronikou says negotiations with a party interested in buying the club are ongoing. Speculation has surfaced that Italy and USA-based businessman Joseph Cala, rumoured to head a consortium backed by Abu Dhabi investors, is keen on taking over the Championship club. Andronikou, joint-administrator of Pompey's parent company Convers Sports Initiatives (CSI), confirmed last week the club are in talks with a potential buyer. But he insists the interested party will not be named until a deal is completed. Andronikou told the Portsmouth News: "We are still in negotiations and in constant dialogue with lawyers and the interested party. "I am not ready to disclose the party until a contract has been signed and the Football League has ratified the purchase.

Opportunity

"We need to have the new buyers in as soon as possible to take the club forward. "It is a great opportunity for anyone coming in to put their mark on the squad and strengthen it, but it's more difficult once the window closes. "We are working against the proverbial clock. "Once we have conducted our negotiations, it's very much in the hands of the Football League to conduct its fit and proper persons tests." Andronikou added that if a deal goes through the new owners will meet the first instalment of the £16.5million Company Voluntary Agreement (CVA) in April after it was agreed to bring Pompey out of administration in 2010. "The figure of debt is being negotiated but it's not a large figure," he added. "The CVA deadline will be met if we find a buyer as it's been factored into the cash flow requirements."