Vladimir Antonov steps down

Updated: November 29, 2011, 3:02 PM ET
Associated Press

PORTSMOUTH, England -- A Russian businessman arrested last week in connection with financial fraud in the Baltics has quit as chairman and director of the second-tier English soccer club Portsmouth.

Vladimir Antonov was detained and later released on bail along with a Lithuanian business partner following allegations of asset-stripping at two banks, Snoras Bank in Lithuania and its Latvija Krajbanka subsidiary in Latvia.

Antonov's Convers Sports Initiatives was placed into administration -- the British equivalent of bankruptcy -- on Tuesday. Convers is Portsmouth's parent company.

Portsmouth says the company responsible for operating the team -- Portsmouth Football Club Limited -- is continuing to trade and isn't in administration.

Copyright 2011 by The Associated Press