Portsmouth to face fate
Potential buyers fail to meet takeover deadline
Last Updated: 25/02/10 7:06pm
Portsmouth: To enter administration
It has been confirmed that Portsmouth will become the first Premier League club to go into administration on Friday.
Balram Chainrai, Pompey's fourth owner of the season, has been trying to find a new buyer ahead of a potential High Court winding-up order on Monday.
He announced earlier this week that the South Coast outfit would enter administration on Friday to avoid being wound up if a buyer could not be found.
Negotiations were held with four interested parties, but the undisclosed buyers failed to prove they had the funds to buy the club by a deadline of Thursday afternoon.
Andrew Andronikou of accountancy firm UHY Hacker Young had set the deadline and will now act as the administrator.
"We made a conscious decision to put it into administration tomorrow morning," he confirmed.
Andronikou will issue a detailed statement on Friday outlining how the club will be restructured and made attractive for a potential buyer.
But Portsmouth will now be docked nine points as a result of entering financial administration, which is a form of bankruptcy protection.
Avram Grant's men are already bottom of the Premier League and the deduction will leave them with just seven points and facing almost certain relegation.
Pompey would have to climb to 17th place, currently occupied by Hull City on 24 points.