Pompey face administration
PORTSMOUTH effectively admitted defeat in finding a new owner for the club yesterday and served notice of going into administration on Friday, a move that would trigger a nine-point penalty from the Premier League and almost certain relegation.
Despite continuing talks with four potential buyers yesterday, Balram Chainrai, the fourth and latest owner this season, conceded that it was "unlikely" that a new purchaser could be found in time.
Going into administration appears the best option and could prove to be the saving of Portsmouth, who have debts of £70m and face a winding-up petition in the High Court next Monday.
Without Chainrai acting yesterday, Portsmouth would most likely have gone into liquidation on Monday, having failed to find the £12.1million owed to Revenue & Customs.