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Portsmouth not affected as owners bank goes into administration

The company run by Portsmouth owner Vladimir Antonov has insisted the club will not be adversely affected after a Lithuanian bank, of which Antonov is a majority shareholder, was placed in temporary administration. However, Antonov's Convers Sports Initiatives (CSI) have insisted what is going on on the continent will not cause any problems at Fratton Park or anywhere else within the company's global sphere of influence.

In a statement, CSI said: "In the light of the recent events at Snoras Bank, Convers Sports Initiatives (CSI) would like to reassure its companies, staff, and the fans of its teams and events, that it remains very much business as usual. We are operationally unaffected by Snoras Bank entering temporary administration.

"CSI has been solely financed through the private wealth of its owners. Snoras Bank has never provided funding for the purchase of a CSI organisation, nor has it lent any money to these businesses after they have been acquired.

"We continue to look at expanding the CSI business and hope to announce a number of further acquisitions in the near future as well as continuing to support our existing businesses."

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Dave Williams

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