26 Feb 2010Administration confirmed for Portsmouth

Football Clubs News | Football Finance News

Portsmouth have today (February 26th) become the first club in the history of the English Premier League to enter administration.

A brief statement on the club's website confirmed the move, which means that Avram Grant's side will be deducted nine points and now face almost certain relegation from the top flight.

The south coast outfit announced that Andrew Andronikou of UHY Hacker Young has been appointed as administrator and will hold a press conference at Fratton Park this afternoon.

In addition, Peter Storrie has said that he will stand down as chief executive once a new owner is found.

Portsmouth, who lifted the FA Cup in 2008 after defeating Cardiff City at Wembley, are believed to have debts of approximately £70 million and were due to face a fresh winding-up order in the High Court on March 1st.

The penalty for entering administration will leave the club on seven points at the foot of the table - sixteen points behind their nearest rivals Burnley and Bolton Wanderers.

Written by Terry Mitchell

Join the FFC and Have Your Say on Football

© Copyright