24 Feb 2010Portsmouth 'heading towards administration'

Football Clubs News | Football Finance News

Hong Kong businessman Balram Chainrai has confirmed that Portsmouth will enter administration on Friday (February 26th) unless the club can secure a buyer.

With debts of £70 million, the south coast outfit are due to face a winding-up order from HM Revenue & Customs (HMRC) in the High Court on Monday.

Chainrai, who recently become the Portsmouth's fourth owner of the season, is thought to have concluded that administration is now the best option available to the club.

His spokesperson Phil Hall said: "We have to be realistic and having the club wound up is not an option as far as we are concerned.

"Administration would mean the club re-emerging as a healthy financial entity."

If Portsmouth become the first English Premier League team to call in the administrators, the winding-up order will be automatically suspended and the club will receive a nine-point penalty.

New Zealand businessman Victor Cattermole has confirmed an interest in taking over at Fratton Park, but he told the Guardian yesterday that his company Endeavor Plan will not be "rushed" into a deal.

Written by Terry Mitchell

Football Matters - Join Now to Have Your Say

© Copyright