Portsmouth's major creditors have denied taking any money out of the stricken Championship outfit and accused the club's administrators of not doing enough to avoid the possibility of liquidation.
Pompey's financial position has been the stuff of nightmares since 2009, with present administrator Trevor Birch stating that the club have insufficient funds to get through the season. They face a very real possibility of becoming the first professional club in England to go out of business in the middle of a season since Aldershot in 1992.
Much of the blame has been placed with Portpin Ltd shareholders Balu Chainrai and Levi Kushnir, whom are alleged not to have the club's interests at heart. However, the pair said in a statement: "Portsmouth FC has reached a critical juncture. It is with an increasing sense of real frustration that we feel the process of finding an equitable solution is being derailed."
They added: "This is a tough but not unsolvable situation. However, if people are more concerned with chasing shadows and hearsay in anticipation of being unable to complete the assignment instead of rising to the challenge of and actively finding suitable buyers, the club will cease to exist.
"There are no winners when a business dies. We need to collectively find a solution to save the club."
In its statement, Portpin say they have not received a penny of the money promised by the now discredited CSI group when they agreed to buy Portsmouth in 2011.
Instead, they have banked just one interest payment of £240,000, which was done shortly before they were asked to provide further financial assistance after CSI, 80% owned by Lithuanian businessman Vladimir Antonov, failed to pay December's wages on time.
Even after the club entered administration once more last month, there were some nasty surprises waiting as a potential short-term way out of the present situation was sealed off once it was established that a parachute payment of £2.2million had been promised to former owner Sacha Gaydamak as part of the sale to CSI.
Portpin have been attacked for the deal.
However, in their statement, Portpin say that the club could not have been sold to CSI without Gaydamak receiving "new security over the new club by way of assignment of the Premier League parachute payments".
Source: PA
