Pompey poised for administration

BY foxsports • February 25, 2010

Administrator Andrew Andronikou has begun the paperwork after a possible buy-out by four consortia failed to materialise by this afternoon's deadline. Phil Hall, spokesman for the club's owner Balram Chainrai said: "We have started the process of putting the club into administration and this is due to be completed at the High Court in London first thing on Friday. "The administrator has begun work immediately on the paperwork and this should be completed by tomorrow." Pompey will become the first Premier League club to go into administration and will be docked nine points as a result, which virtually ensures relegation from the top flight. Hall said talks had not broken down with the four interested groups but the club had not been attractive enough to them in its current financial state. He added: "Once the club is in a more viable state it may become more attractive to them in terms of a takeover." Chainrai, who is looking to recover a £17million loan he made to the previous owners, has moved to prevent the club from being wound up in the High Court on Monday over £7.5million owed to HM Revenue and Customs. The automatic nine-point penalty will leave Pompey on just seven points, 16 behind their nearest rivals. There is now the prospect of a continuing player exodus and a long period of rebuilding in the Championship. Chainrai's spokesman Hall earlier said in a statement on the club's official website: "Administration would mean the club re-emerging as a healthy financial entity. The club would then become an attractive proposition for a potential buyer who could invest new funds in rebuilding the club's future. "We would like to ask the fans, the staff and management of Portsmouth Football Club for their support and patience should this step be taken, as they believe it is the only route left open to them." Hall added: "The serving of this notice means the winding-up order is automatically suspended. It means the club is safe, can fulfil its fixtures and as far as is possible it is business as usual. "Mr Chainrai hopes the supporters will get fully behind the team as usual for their Premier League match at Burnley on Saturday and the following weekend's FA Cup quarter-final at home to Birmingham. "He has agreed to continue funding the club going forward until its long-term future is decided. He will also pay for the administration process out of his own pocket."

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