Portsmouth enter administration

Portsmouth have this morning confirmed they have gone into administration.

The move, as expected, follows a failed takeover of the Barclays Premier League club, which has estimated debts of around £70m.

Administration will bring a nine-point penalty for the south-coast club, with the punishment virtually condemning them to relegation to the Coca-Cola Championship.

A statement on the club's official website, www.portsmouthfc.co.uk, confirmed the club entered administration at 10.20am.

It also revealed a press conference will be held at the club's Fratton Park ground at 3pm.

Administrator Andrew Andronikou, of insolvency experts UHY Hacker Young, has started the process of cutting costs at the club to try to keep it as a viable entity.

A major sell-off of players and the prospect of a long period of rebuilding in the Championship now looms.

Some finance experts believe the administrator may have to terminate player contracts now to save cash.

Simon Wilson, partner of restructuring experts, Zolfo Cooper, said: "It seems certain that Portsmouth will be relegated and will need a complete restructure.

"Depending on the level of committed funding available the administrator may need to terminate players' contracts to reduce outgoings because the possibility of selling players outside of the transfer window has already been denied by the Premier League."

Meanwhile, FIFA are set to discuss Portsmouth's plight at their next executive committee meeting on March 18.

Today's news was expected after eight days which signalled the club's fate.

Last Thursday they asked the Premier League for permission to sell players outside the transfer window, which was rejected two days later.

On Sunday chief executive Peter Storrie revealed a South African consortium were pursuing a deal to Portsmouth - but nothing came of it.

Current owner Balram Chainrai confirmed the club would go into administration if they did not find a buyer by today - and despite New Zealand-based businessman Victor Cattermole admitting his interest in buying the club, a deal was not done in time.

Meanwhile, a spokesman for the Hampshire club dismissed speculation Pompey boss Avram Grant has left the club.

There was talk of Grant hosting a press conference early this afternoon, ahead of the one planned for Fratton Park.

However, the spokesman said: "That's not the case. As far as I'm aware he's still with the club."

Chainrai's spokesman, Phil Hall, said: "He hasn't made a penny out of the club.

"He was asked in October to put in £17million as a loan, for six weeks, and he agreed to do that.

"At the end of six weeks he expected his money to be returned and that didn't happen. He gave them a bit of a grace period but the loan wasn't repaid so in January he took over the shares of the club.

"He put another £2million in this week to make sure the staff were paid."

Asked how Pompey ended up in administration, Hall continued: "The club's debt is too great.

"He (Chainrai) was also given false promises when he came in. He was told the club had certain debts but didn't know that Premier League rules say football debts become a priority, that money owed on transfers must be paid first.

"He asked the questions and was given answers and assurances that turned out not to be true.

"Having put £17million of his own money in unfortunately he found the club facing a winding-up order on Monday.

"He had a choice of allowing the club to go into administration, for someone to go in and try to bring it back into a stronger financial position.

"He feels he's a victim - the club have been overwhelmed by these debts and he is a reluctant owner."

However, Hall believes there could be a satisfactory outcome for Chainrai and the club.

Hall added on Sky Sports News: "He's been left holding the baby but he wants to do what's right...he feels this is the right solution.

"Buying a business with a huge debt around its neck is not an attractive proposition - but there are parties who say they are interested.

"Some of them may be interested if they are on a stronger financial footing."

Arts and Entertainment
TVSabotage, a major meltdown and, of course, plenty of sauce
News
newsVideo for No campaign was meant to get women voting
News
A photo of Charles Belk being detained by police on Friday 22 August
news
News
i100'Geography can be tough'
PROMOTED VIDEO
Have you tried new the Independent Digital Edition apps?
Sport
Louis van Gaal looks dejected after Manchester United's 4-0 defeat by MK Dons on Tuesday night
sport
News
Actor, model and now record breaker: Jiff the Pomeranian
Video
News
REX/Eye Candy
science
News
i100
Sport
Alexis Sanchez celebrates after scoring his first goal for Arsenal in the Champions League qualifier against Besiktas
sportChilean's first goal for the club secures place in draw for Champions League group stages
Arts and Entertainment
Amis: 'The racial situation in the US is as bad as it’s been since the Civil War'
booksAuthor says he might come back across Atlantic after all
Extras
indybest
Life and Style
Google Doodle celebrates the 200th birthday of Irish writer Sheridan Le Fanu
tech
Arts and Entertainment
Vinyl demand: a factory making the old-style discs
musicManufacturers are struggling to keep up with the resurgence in vinyl
News
i100
News
In Eternal Sunshine of the Spotless Mind Jim Carrey and Kate Winslett medically erase each other from their memories
scienceTechnique successfully used to ‘reverse’ bad memories in rodents could be used on trauma victims
Arts and Entertainment
Singer Pixie Lott will take part in Strictly Come Dancing 2014, the BBC has confirmed
tv
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

Israel-Gaza conflict: No victory for Israel despite weeks of death and devastation

Robert Fisk: No victory for Israel despite weeks of devastation

Palestinians have won: they are still in Gaza, and Hamas is still there
Mary Beard writes character reference for Twitter troll who called her a 'slut'

Unlikely friends: Mary Beard and the troll who called her a ‘filthy old slut’

The Cambridge University classicist even wrote the student a character reference
America’s new apartheid: Prosperous white districts are choosing to break away from black cities and go it alone

America’s new apartheid

Prosperous white districts are choosing to break away from black cities and go it alone
Amazon is buying Twitch for £600m - but why do people want to watch others playing Xbox?

What is the appeal of Twitch?

Amazon is buying the video-game-themed online streaming site for £600m - but why do people want to watch others playing Xbox?
Tip-tapping typewriters, ripe pongs and slides in the office: Bosses are inventing surprising ways of making us work harder

How bosses are making us work harder

As it is revealed that one newspaper office pumps out the sound of typewriters to increase productivity, Gillian Orr explores the other devices designed to motivate staff
Manufacturers are struggling to keep up with the resurgence in vinyl records

Hard pressed: Resurgence in vinyl records

As the resurgence in vinyl records continues, manufacturers and their outdated machinery are struggling to keep up with the demand
Tony Jordan: 'I turned down the chance to research Charles Dickens for a TV series nine times ... then I found a kindred spirit'

A tale of two writers

Offered the chance to research Charles Dickens for a TV series, Tony Jordan turned it down. Nine times. The man behind EastEnders and Life on Mars didn’t feel right for the job. Finally, he gave in - and found an unexpected kindred spirit
Could a later start to the school day be the most useful educational reform of all?

Should pupils get a lie in?

Doctors want a later start to the school day so that pupils can sleep later. Not because teenagers are lazy, explains Simon Usborne - it's all down to their circadian rhythms
Prepare for Jewish jokes – as Jewish comedians get their own festival

Prepare for Jewish jokes...

... as Jewish comedians get their own festival
SJ Watson: 'I still can't quite believe that Before I Go to Sleep started in my head'

A dream come true for SJ Watson

Watson was working part time in the NHS when his debut novel, Before I Go to Sleep, became a bestseller. Now it's a Hollywood movie, too. Here he recalls the whirlwind journey from children’s ward to A-list film set
10 best cycling bags for commuters

10 best cycling bags for commuters

Gear up for next week’s National Cycle to Work day with one of these practical backpacks and messenger bags
Paul Scholes: Three at the back isn’t working yet but given time I’m hopeful Louis van Gaal can rebuild Manchester United

Paul Scholes column

Three at the back isn’t working yet but given time I’m hopeful Louis van Gaal can rebuild Manchester United
Kate Bush, Hammersmith Apollo music review: A preamble, then a coup de théâtre - and suddenly the long wait felt worth it

Kate Bush shows a voice untroubled by time

A preamble, then a coup de théâtre - and suddenly the long wait felt worth it
Robot sheepdog technology could be used to save people from burning buildings

The science of herding is cracked

Mathematical model would allow robots to be programmed to control crowds and save people from burning buildings
Tyrant: Is the world ready for a Middle Eastern 'Dallas'?

This tyrant doesn’t rule

It’s billed as a Middle Eastern ‘Dallas’, so why does Fox’s new drama have a white British star?