Administrator vows to save Portsmouth

Portsmouth administrator Andrew Andronikou insists every aspect of the ailing club's finances will be "reviewed and scrutinised" - but has promised supporters he will save the south coast side.

The club went into administration this morning with debts of £70million and Andronikou, an insolvency practitioner from UHY Hacker Young, now has the job of assessing the extent of the damage along with colleague Peter Kubik.

Andronikou said in a statement: "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 also believes it will be necessary to sell "one or two" players, although the club would need special dispensation from FIFA to do this outside of a transfer window period.

He also said that manager Avram Grant had promised him he would stay until the end of the season.

Andronikou will continue discussions with parties interested in investing in taking over the club, but will demand "proof of funds up front" and insists they must satisfy the Premier League's 'fit and proper person' requirement.

Andronikou admitted he would be making massive cuts at the club.

"I will be cutting to the bone, I can assure you," he said. "Restructuring starts today. There will be significant cost cuts at all levels. We have a huge job to deal with.

"I need to generate working capital in the next two months, we will have to sell one or two players but I am not looking to sell players on a fire-sale basis.

"We are asking the Premier League for their assistance, this is very new for them. There will be a meeting with the Premier League next Thursday where I will make a presentation."

Andronikou revealed Pompey could receive their television parachute payments early and that they still hoped to sell players outside of the transfer window, despite already being denied permission once.

"Advance parachute payments? There is a possibility yes," he added. "We are also hoping to obtain some form of concession to sell players."

Asked about the decision of chief executive Peter Storrie to tender his resignation, Andronikou added: "His position has become untenable, I understand he is in a very difficult position but my main priority is the football club.

"From what I've seen I have every confidence Pompey will fulfil its fixture list and will be playing football next year."

As for the manager's position, he revealed: "I've spoken to him briefly, he has given his full support to stay till the end of the season.

"It would be very naive of me to start looking for a new manager."

PROMOTED VIDEO
Have you tried new the Independent Digital Edition apps?
Life and Style
Phillips Idowu, Stella McCartney and Jessica Ennis
fashionMcCartney to continue designing Team GB Olympics kit until 2016
Sport
Shinji Kagawa and Reece James celebrate after the latter scores in Manchester United's 7-0 victory over LA Galaxy
football
Voices
voicesGood for Lana Del Rey for helping kill that myth, writes Grace Dent
Sport
Farah returns to the track with something to prove
Commonwealth games
Life and Style
fashion Designs are part of feminist art project by a British student
Caption competition
Caption competition
Latest stories from i100
Have you tried new the Independent Digital Edition apps?

Bleacher Report

Daily Quiz
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

Day In a Page

Backhanders, bribery and abuses of power have soared in China as economy surges

Bribery and abuses of power soar in China

The bribery is fuelled by the surge in China's economy but the rules of corruption are subtle and unspoken, finds Evan Osnos, as he learns the dark arts from a master
Screwing your way to the top? Good for Lana Del Rey for helping kill that myth

Screwing your way to the top?

Good for Lana Del Rey for helping kill that myth, says Grace Dent
Will the young Britons fighting in Syria be allowed to return home and resume their lives?

Will Britons fighting in Syria be able to resume their lives?

Tony Blair's Terrorism Act 2006 has made it an offence to take part in military action abroad with a "political, ideological, religious or racial motive"
Beyoncé poses as Rosie the Riveter, the wartime poster girl who became a feminist pin-up

Beyoncé poses as Rosie the Riveter

The wartime poster girl became the ultimate American symbol of female empowerment
The quest to find the perfect pair of earphones: Are custom, 3D printed earbuds the solution?

The quest to find the perfect pair of earphones

Earphones don't fit properly, offer mediocre audio quality and can even be painful. So the quest to design the perfect pair is music to Seth Stevenson's ears
US Army's shooting star: Lt-Col Steven Cole is the man Hollywood calls when it wants to borrow a tank or check a military uniform

Meet the US Army's shooting star

Lt-Col Steven Cole is the man Hollywood calls when it wants to borrow a tank or check a military uniform
Climate change threatens to make the antarctic fur seal extinct

Take a good look while you can

How climate change could wipe out this seal
Should emergency hospital weddings be made easier for the terminally ill?

Farewell, my lovely

Should emergency hospital weddings be made easier?
Man Booker Prize 2014 longlist: Crowdfunded novel nominated for first time

Crowdfunded novel nominated for Booker Prize

Paul Kingsnorth's 'The Wake' is in contention for the prestigious award
Vladimir Putin employs a full-time food taster to ensure his meals aren't poisoned

Vladimir Putin employs a full-time food taster

John Walsh salutes those brave souls who have, throughout history, put their knives on the line
Tour de France effect brings Hollywood blockbusters to Yorkshire

Tour de France effect brings Hollywood blockbusters to Yorkshire

A $25m thriller starring Sam Worthington to be made in God's Own Country
Will The Minerva Project - the first 'elite' American university to be launched in a century - change the face of higher learning?

Will The Minerva Project change the face of higher learning?

The university has no lecture halls, no debating societies, no sports teams and no fraternities. Instead, the 33 students who have made the cut at Minerva, will travel the world and change the face of higher learning
The 10 best pedicure products

Feet treat: 10 best pedicure products

Bags packed and all prepped for holidays, but feet in a state? Get them flip-flop-ready with our pick of the items for a DIY treatment
Commonwealth Games 2014: Great Scots! Planes and pipers welcome in Glasgow's Games

Commonwealth Games 2014

Great Scots! Planes and pipers welcome in Glasgow's Games
Jack Pitt-Brooke: Manchester City and Patrick Vieira make the right stand on racism

Jack Pitt-Brooke

Manchester City and Patrick Vieira make the right stand on racism