It follows Friday morning's news that the club have gone into administration, with debts of approximately £70million. Administration will bring a nine-point penalty for the south-coast club, with the punishment virtually condemning the Hampshire club to relegation to the Championship. Peter Storrie's statement in full: "Portsmouth Football Club has formally announced that it has gone into administration today and this is an extremely sad day for everyone connected with the club. "However, by this course of action Balram Chainrai has kept the club alive and given someone an exceptional opportunity to take this great club on with fresh investment to steer Portsmouth in a positive direction. "Whilst accepting as chief executive of Portsmouth Football Club that it was inevitable that criticism would come my way, the overall funding of the business was the responsibility of the owner. "What I am not prepared to accept is the very personal level of abuse on websites, emails and local radio which I have received over the last couple of days. "It is my intention to work with the administrator to help sell the business and I hope that will be quick as there is already interest in acquiring the club. I will also work with Avram Grant on the football side. "Once the sale is complete, I will tender my notice to the new owners as set out under the terms of my contract. "I find it somewhat ironic that a couple of months ago my name was being chanted by the fans at a time when I seriously considered my position at the club. Yet now, because I appear to be the last one left, they are calling for my head. "My decision to stand down has not been taken lightly, but I have had to take into account the views of my family who have witnessed first-hand the effect that the last 15 months has had on our lives. "I have really enjoyed my eight years at the club and the success we have enjoyed on the pitch - winning promotion to the Premier League and seven years of top-flight football, culminating in winning the FA Cup in 2008. "I will really miss the genuine fans who have been so supportive and good to me, the staff who I have worked with closely and the club in general. "I and others at the club have worked tirelessly to save Portsmouth and wish now that the future of this club be secured, because, at the least, the fans deserve that."
