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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.
To Be honest, I'm gutted yet Happy at the same time, I think a lot of Pompey fans will be feeling the same Today. Ok we face Relegation but at least we're safe :- PLAY UP POMPEY!!!
Posted 08:34 26th February 2010
Am really sad because this season, I have supported Portsmouth from the beginning. The day the won their first match of the season I was very happy. Since then I still believed that they are not gonna be relegrating but subtracting 9 points from them, I don't know what to say again other than it's well.
Posted 08:11 26th February 2010
I think it's a real shame to see the demise of Pompey, the team had done well in recent years, but if Pompey fans are realistic they seem pretty doomed this season anyway so to take a nine point penalty would seem the best option and come back strong next season. good luck and "Play up Pompey"
Posted 08:11 26th February 2010
So sad for Portsmouth though but nothing can be done at this stage.I wish them all the luck they need.
Posted 07:31 26th February 2010
A crying shame for the fans of Portsmouth who are the innocent victims in all of this. As an Arsenal season ticket holder, perhaps its a warning to the media and fans who are constantly crying out that Wenger should spend spend spend. We may not win anything again this year, as a result, but the way Arsenal is being run, is a lesson to all. I agree with Wenger that this is the tip of an iceburg, and who knows who will follow the same sad path in the next 18 months.
Posted 05:17 26th February 2010
Its a sad day in football. Its becoming a trend now with greedy businessmen destroying our sports. Football now is not a sport its a instituional business. What ever happened to the enjoyment of the game? Its been taken over by greedy people making a quick buck who don't know the first thing about football. Shame on them and shame on the FA for letting this happen to the sport. Even though i am a Man City fan i still have this view. Players also are not playing for the heart of clubs, they are playing for how much they can make. Football is becoming very sad now.
Posted 04:57 26th February 2010
Why i feel very sorry for all Portsmouth fans , because you are so loyal and supportive, i feel that no-one in any sort of authority has learnt lessions from before , as an avid and still a life long Leeds United fan, no one has had the sense or balls to make sure that what happened to Leeds didnt happen to another top flight club, the whole system has let Portsmouth down, but it doesnt stop there badly run clubs are the norm all the way through the football league, how can the football authorities allow clubs to go under when they maybe just need a couple of million pound to save them but yet allow so called international players to earn millions, surley we have to address this situation because it doesnt make sense, money fritted away into players pockets yet the grass roots of Football left with no money--the FA should be ashamed, take a leaf out of rugby leagues attitude, have a salary cap that only allows you to pay 1.7 Million a year on wages but cannot exceed 50 % of income, teams there all have a fighting chance of winning trophies because all the players are on the same amount nearly in wages , so instead we as football fans will see our beloved football teams go under and be lost forever whilst the system is miked dry by greedy footballers and there agents , to the FA its a FA disgrace
Posted 02:05 26th February 2010
And thanks to the Glazers Man U are next. Never trust an "American". Glazers out.
Posted 02:02 26th February 2010
Sorry to hear this news about a proud and historic club with tremendously loyal supporters. Such a fate might well befall a few more of our big clubs, including my own, so all football fans should feel bad about developments at Pompey. Good luck for the future; I am sure you will bounce back again. George
Posted 01:49 26th February 2010
You're lucky it's just administration. Your joke of a club has been insolvent for months. A company in any other industry would have been wound up weeks ago.
Posted 01:29 26th February 2010
It really is sad the demise of not only south coast football but football in general. Let us remember this is a game for the working man/woman. Something that use to mean so much to so many yet once again has been tarnished by the greed and obtuse nature of those not only working under the premiership/football association umbrella but those running it. Sadly until these people except there responsabilitys as owners/organisers many more football fans will suffer and i fear the problems scene by portsmouth and many other clubs will only get worst. All i can say is good luck to those pompey fans im sure this problem will get worst before it gets better but in the long run providing you survive its probably the best thing that could have happened. To the great leaders of the football association/premiership i say sort it out. Instead of punishing the fans punish the owners docking points is not the answer it only effects loyal supporters. Instead how about buyers putting up bonds on purchase of a football club on the condition none compliance of the rules will result in the loss of these bonds. Instead we have a situation were previous owners have taken money and run and the fans get left with whats left. Fair i Think not!!! You tell me what good the docking of points has done to the likes of Luton` Leeds` Rotherham` Southampton` Palace the list goes on. Answer nothing.....And what of the owners well who knows but im betting they got something? Anyway thats me off of my soap box. Good luck football fans and good riddance bad management....... 3 points saturday please Mr Pardew ,0)
Posted 00:04 26th February 2010
I feel sorry for the fans, i think this should be a wake up call for other clubs if you can't afford the players don't buy them. I think football need follow america where there is an salary cap this way all teams and fans get a chance of abit of glory without the club going bust.
Posted 23:57 25th February 2010
Bad News for football! Pompey fans are some of the best in the league... Their's always a great atmosphere when Pompey fans are involved. The prem will most likely suffer from the loss of such a vocal, jovial group.
Posted 23:32 25th February 2010
Portsmouth got what the deserved! the club has been run like a joke! Clubs should not be allowed to run up debt ! FA need to make a new rule! i do feel sorry for the fans tho
Posted 23:04 25th February 2010
A sad sight. Another football club entering administration. I suppose the one consolation for Pompey is that they should still be around next season and hopefully they can launch a battle to come back up. Good luck to them and their fans.
Posted 22:29 25th February 2010
Not a nice situation for any club to be in, but after spending above their means for so long, how on earth did they expect it to end.
Posted 22:19 25th February 2010
As a Leeds United fan I know how you feel and it is very sad knowing people in the board room are ultimately responsible for the mess they have caused at your club! if you do get relegated i'm sure you won't go into liquidation though, someone, somewhere will buy the club just like Ken Bate's did with Leeds, so all I can say is chin up and good luck for the future.
Posted 21:52 25th February 2010
Pompey will be back in the Prem only bad happens to the good!! Heads up Pompey!
Posted 21:31 25th February 2010
Good riddance. A totally unacceptable situation for a top flight club to find itself in. I do feel for the Pompey Fans but the powers that be have run the club to brink of non existance. A club in such peril has no place in the best the league in the world.
Posted 21:15 25th February 2010
really sad. another great club in turmoil. 9 point penalty gives them no chance at all.
Posted 20:28 25th February 2010
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