Portsmouth owner Balram Chainrai has been told at a meeting with
Premier League chiefs that they cannot bail out the
financially-stricken club.
Chainrai and his representatives met Premier League chief
executive Richard Scudamore and general secretary Mike Foster on
Tuesday and revealed to them the club is likely to go into
administration on Friday.
Scudamore explained the situation in terms of the cash
Portsmouth will receive this season and, as now seems certain, if
they are relegated.
A further payment of £5million from television money
will become available before the end of the season and, following
relegation, parachute payments of £16million per year for two
years.
Chainrai's spokesman, Phil Hall, said: "We had a very cordial
meeting to explore all possibilities and any help the Premier
League might give Portsmouth FC going forward."
The Premier League officials also told Chainrai they could
not advance the club any money ahead of the due payment date.
Chainrai has served notice the club will go into
administration, unless a buyer comes forward before Friday, in
order to avoid Monday's winding-up hearing at the High Court.
Meanwhile, Pompey chief executive Peter Storrie has confirmed
he has already been in talks with an administrator - and that he is
prepared to take a substantial pay cut.
Storrie is one of the highest-paid chief executives in the
Premier League, with an annual salary believed to be at least
£1.2million.
He told Portsmouth News: "I have already spoken to the
administrator and he wants to keep things settled, which means me
staying on. I will work with him and I believe he wants me to help
him sell the club to the right person.
"There will be cuts at all levels. That's something for the
administrator to do to make sure the club keeps going. I will be
taking a big cut as well.
"I've seen salary figures of £1.4million bandied around
for me but my basic salary is less than half of what has been
reported.
"The rest of it has been a bonus given by (former owner)
Sacha Gaydamak every year. That's in recognition of me keeping the
club going for him by selling players.
"But I am prepared to cut my basic (pay) quite
substantially."
