Pompey Pay Price For Debt

Portsmouth FC have become the first Premier League club to enter administration and this is compounded by news that they will not be granted special dispensation to sell players outside of the transfer window.

The insolvency practitioner, Andrew Andronikou, has been brought in on behalf of administrators UHY Hacker Young. Andronikou has assured Pompey fans that the Club will survive, however they will have to face-up to life in The Championship, as with administration comes an 9 point penalty, which will leave them 17 points away from safety.

Manager Avram Grant has agreed to stay with the debt-ridden club until the end of the season.

Andronikou said: "We are looking to immediately address the significant monthly tax burden of the club by implementing a swift cost rationalisation programme.
"Every aspect of the club's overheads will be reviewed and scrutinised. Our aim is to maximise all revenues and to eradicate all unnecessary costs.
"Restructuring starts today. There will be significant cost cuts at all levels. We have a huge job to deal with."

All clubs relegated from the top tier, receive a small share of TV revenue in the region of £20m over a period of two years from the Premier League. When questioned about whether the Premier League may make an early payment to Portsmouth in anticipation of their relegation, Andronikou said "Advance parachute payments? There is a possibility, yes,"

A spokesperson from the Football Association commented: "We regret to see any football club enter administration and we would express our sympathy, in particular, to the supporters of Portsmouth Football Club"