Portsmouth edging closer to the brink
Published 26/02/2010 | 05:00
PORTSMOUTH will move a step nearer to relegation today when they are set to become the first Premier League club to enter administration.
Balram Chainrai, the latest owner, spent yesterday in London in talks with representatives of four groups interested in buying the club. But, when none could meet a 3.30pm deadline to offer proof of funds, Andrew Andronikou, from UHY Hacker Young, the accountants, said administration could not be put off.
This will trigger a nine-point penalty. Seven points adrift at the foot of the table, Portsmouth will be left on seven points.
"I feel very sad, very angry, but I want to understand more (about) the situation before I tell my opinion," boss Avram Grant said.
Andronikou, who will act as the administrator, will issue a statement today outlining how the club will be restructured and made attractive for a potential buyer.
Entering administration will prevent Portsmouth going into liquidation as they faced a winding-up petition in the British High Court on Monday. (© The Times, London)