The Convers Sports Initiatives (CSI) enters Administration

The Convers Sports Initiatives (CSI) investment group, which controls a portfolio of leading entities in the sports industry, has entered administration

Russian businessman Vladmir Antonov, who founded CSI, was arrested last week on a Europe-wide warrant and charged in a London court with alleged fraud as part of a money-laundering investigation in Lithuania. He also faces deportation to Lithuania on charges of alleged asset-stripping at the Snoras Bank, which is 68% owned by Antonov and has been placed in temporary administration.

Earlier this year CSI made a series of acquisitions, acquiring a majority stake in online platform SportPost.com, gaining control of North One Sport from North One Television and snapping up Executive Sport Ltd, the parent company of the popular ‘Leaders in Football’ conference. According to a statement on the CSI website, the subsidiaries of Convers Sports Initiatives “are not subject to an administration order”. CSI also owns English Championship club Portsmouth.

Accountancy group UHY Hacker Young has been set the task of finding buyers for all of the subsidiaries. “On November 25 my partner at UHY Hacker Young Andrew Andronikou and I were appointed as joint administrators to CSI,” read a statement from UHY Hacker Young partner Peter Kubik. “CSI own a number of sports teams, media franchises and entertainment rights businesses.”

Kubik added: “We were appointed as administrators after uncertainty arose over the future of CSI. CSI has a number of sports related assets and we are very confident of finding interested buyers for these subsidiaries. Our aim is to ensure that the sale process is as smooth as it possibly can be. We will now be undertaking a period of due diligence at CSI and once that has been completed we will be in a better position to answer questions.”

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