Portsmouth Rejects Vega Takeover Bid

Portsmouth has issued a statement rejecting the proposed Swiss takeover bid for the club led by former Tottenham Hotspur defender Ramon Vega.

The statement suggested that the bid from Vega did not provide satisfactory proof that it could finance a proposed deal and that the club had dismissed the offer over concerns for the team’s future.

However, Vega has been taken aback by Portsmouth’s claims as he did not believe negotiations had reached a stage where there had been any request for proof of funding.

Vega has moved into property management since retiring in 2003, but is understood to have put forward a proposal that would have wiped out the club’s debt.

In a statement, Portsmouth said: ‘As Mr Vega was consistently unable to demonstrate an ability to secure financing for his proposal – as had previously been agreed between both parties and which is fundamental to the long-term prospects of the club – the board, which includes the owner, decided to reject the proposal unless Mr Vega could satisfy them that the club’s future would not be compromised. This was not forthcoming.’

Portsmouth, whose owner Alexandre Gaydamak has confirmed he is willing to sell the club to the right buyer, also said that their financial position was under control.

The club has a loan with the Standard Bank but has rejected suggestions that they are facing demands to immediately pay the loan back.

The statement read: ‘The club wishes to reconfirm that it enjoys excellent relations with all its banking partners. All financial commitments are fully serviced by the club and there is no truth to suggest that any facilities will be withdrawn.’