PORTSMOUTH, England (AP) — A Russian businessman who was arrested last week in connection with massive financial fraud in the Baltics has quit as chairman and director of second-tier English football club Portsmouth.
Vladimir Antonov was detained and later bailed along with a Lithuanian business partner following allegations of asset-stripping at two banks, Snoras Bank in Lithuania and its subsidiary Latvija Krajbanka in Latvia.
Antonov’s firm Convers Sports Initiatives, which is Portsmouth’s parent company, was placed into administration on Tuesday.
Portsmouth says the company responsible for operating the team — Portsmouth Football Club Limited — is continuing to trade and isn’t in administration.
