Latvia’s largest bank is desperately trying to head off a run among customers unsettled by rumours of its imminent ruin.

Vladimir Antonov has resigned as chairman of Portsmouth after the club’s parent company was placed into administration.

The Russian owner of Portsmouth Football Club has been arrested in London in connection with a money laundering probe that has rocked Lithuania and Latvia, officials said today.

Lithuanian prosecutors have issued a European arrest warrant for the Russian owner of Portsmouth Football Club in connection with hundreds of millions of dollars in assets stripped from a local bank.