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Portsmouth enters era of uncertainty
Source: Agencies |
February 27, 2010, Saturday
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PORTSMOUTH traded its short-term English Premier League status for the hope of long-term survival when it went into administration yesterday.
The debt-ridden south-coast club had been due back in the High Court next week to face an adjourned winding-up order from the British government's Revenue and Customs department.
That hearing could have led to the closure of the 112-year-old club but it will now continue in some form.
In a hearing earlier this month, Portsmouth had been given time to secure new funding or a new owner but it failed on both fronts and instead became the first Premier League club to go into administration.
Already seven points adrift at the bottom of the league, it will now suffer an automatic nine-point deduction, almost certainly condemning it to relegation.
Portsmouth has raised almost 100 million pounds (US$153.4 million) in player sales since it won the FA Cup in 2008 but is still some 70 million pounds in debt. Latest owner Balram Chainrai, its fifth in a year, took the decision to go into administration on Thursday after talks with four interested groups failed.
The debt-ridden south-coast club had been due back in the High Court next week to face an adjourned winding-up order from the British government's Revenue and Customs department.
That hearing could have led to the closure of the 112-year-old club but it will now continue in some form.
In a hearing earlier this month, Portsmouth had been given time to secure new funding or a new owner but it failed on both fronts and instead became the first Premier League club to go into administration.
Already seven points adrift at the bottom of the league, it will now suffer an automatic nine-point deduction, almost certainly condemning it to relegation.
Portsmouth has raised almost 100 million pounds (US$153.4 million) in player sales since it won the FA Cup in 2008 but is still some 70 million pounds in debt. Latest owner Balram Chainrai, its fifth in a year, took the decision to go into administration on Thursday after talks with four interested groups failed.
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