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Russian banker Antonov in Portsmouth purchase bid

By JOE BERNSTEIN FOR THE DAILY MAIL Updated: 17:21 EST, 7 May 2011

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Taking control: Vladimir Antonov

Russian banker Vladimir Antonov has claimed that he is poised to takeover Portsmouth Football Club - which he sees as a 'strictly business' venture from which he can turn a profit.

'We have been negotiating for a long time,' he said.

'We have already got the approval of the Football League, but not all commercial issues are resolved.

'The present owners took the club over after restructuring, so if we buy it, it is going to be clear of any debts.'

Antonov, who heads Snoras Bank in Lithuania, said: 'It is strictly business. For entertainment, I could buy a season ticket not the whole of the club.'

The 36-year-old tycoon, who in the past has been refused permission to open Snoras in London because it 'repeatedly gave misleading and incomplete' answers to the Financial Services Authority, vowed to invest in new players and the stadium in a bid to restore the club to the top flight.

'That will require certain investments, but they are not going to be sky-high,' he said. 'It is possible to spend billions and still fail to qualify for the Premier League.

'It is also possible to invest much less but in the right way and to achieve results.'