Grant pledges to stay on
The administrator of Portsmouth has confirmed Avram Grant will stay on at the club and there will not be a fire-sale of players.
By Steve Pass
Last Updated: 26/02/10 4:09pm
Portsmouth administrator Andrew Andronikou has confirmed boss Avram Grant will stay at the club until the end of the season and there will not be a fire-sale of players.
The Premier League's bottom side went into administration on Friday, with what is believed to be £60-£70million of debts.
The club will suffer a nine-point deduction, which is likely to seal their relegation from the top flight, but Andronikou confirmed Grant will stay on for the remainder of the campaign.
Andronikou, an insolvency practitioner from UHY Hacker Young, told a news conference: "I've spoken to Avram briefly, he's given his full support to stay with us until the end of the season.
"I think it would be very naive of me to start looking at a new manager. I think Avram has done an admirable job so far with what he's had (to deal with)."
Andronikou also denied there would be a fire-sale of players, but believes it will be necessary to sell "one or two", although the club will need special dispensation from Fifa to do this outside of a transfer window period.
He added: "As regards to a fire-sale, no. Obviously I need to generate working capital in the next two months.
"As part of that process, we will have to sell one or two players and that's the reason for us talking to the Premier League, to look for a concession.
"But I'm not looking at selling the players on a fire-sale basis."
Andronikou now has the job of assessing the extent of the damage along with colleague Peter Kubik.
He added they aim to conduct the administration on a transparent basis and will formulate proposals within eight weeks, and a creditors' meeting will then convene around that time.
He added in a statement: "The company will exit administration by way of a Company Voluntary Arrangement (CVA) thus avoiding any further points deductions next season."
He also appealed to the fans to get behind the club.
"Please, please stay behind the club. I know it's been a very disturbing season for you, I'm sorry you are where you are but I promise you we will save your club and take you forward.
"Please enjoy the remaining fixtures and please support your club and help us lift the profile of the club to the position where it deserves (to be)."
As for the immediate future, he 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.
"We have many difficult decisions to make in next few days. I promise you we will save your club and take you forward."
Andronikou will also continue discussions with parties interested in taking over the club, but he will demand "proof of funds up front" and insists they must satisfy the Premier League's fit and proper person requirement.