Storrie planning to leave Portsmouth

Portsmouth chief executive Peter Storrie has said he will tender his resignation when the administrators sell the club.

It follows this morning's news that the club have gone into administration, with debts of approximately £70million.

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

A statement released by the judicial communications office confirmed: "We can confirm that Portsmouth Football Club has gone into voluntary administration and as a result the winding-up proceedings have automatically been stayed."

The club - the first Premier League club to go into administration - confirmed a press conference would be held at Fratton Park 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 - although the club have refuted claims team manager Avram Grant has already left.

However, Storrie has announced he intends to help sell the business - then leave.

In a statement released to Press Association Sport, the chief executive said: "Whilst accepting it was inevitable that criticism would come my way, the overall funding of the business was the responsibility of the owner (Balram Chainrai).

"What I am not prepared to accept is the very personal level of abuse on websites, emails and local radio which I have received over the last couple of days.

"It is my intention to work with the administrator to help sell the business and I hope that will be quick as there is already interest in acquiring the club. I will also work with Avram Grant on the football side.

"Once the sale is complete, I will tender my notice to the new owners as set out under the terms of my contract.

"I find it somewhat ironic that a couple of months ago my name was being chanted by the fans at a time when I seriously considered my position at the club. Yet now, because I appear to be the last one left, they are calling for my head.

"My decision to stand down has not been taken lightly, but I have had to take into account the views of my family who have witnessed first-hand the effect that the last 15 months has had on our lives."

Meanwhile, a spokesman for Chainrai defended the owner's part in proceedings.

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 the 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 on Sky Sports News: "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."

Arts and Entertainment
Lou Reed distorted the truth about his upbringing, and since his death in 2013, biographers and memoirists have added to the myths
musicThe truth about Lou Reed's upbringing beyond the biographers' and memoirists' myths
News
people
News
Ed Miliband received a warm welcome in Chester
election 2015
Life and Style
Apple CEO Tim Cook announces the Apple Watch during an Apple special even
fashionIs the iWatch for you? Well, it depends if you want for the fitness tech, or the style
Have you tried new the Independent Digital Edition apps?
Caption competition
Caption competition
  • Get to the point
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

NHS struggling to monitor the safety and efficacy of its services outsourced to private providers

Who's monitoring the outsourced NHS services?

A report finds that private firms are not being properly assessed for their quality of care
Zac Goldsmith: 'I'll trigger a by-election over Heathrow'

Zac Goldsmith: 'I'll trigger a by-election over Heathrow'

The Tory MP said he did not want to stand again unless his party's manifesto ruled out a third runway. But he's doing so. Watch this space
How do Greek voters feel about Syriza's backtracking on its anti-austerity pledge?

How do Greeks feel about Syriza?

Five voters from different backgrounds tell us what they expect from Syriza's charismatic leader Alexis Tsipras
From Iraq to Libya and Syria: The wars that come back to haunt us

The wars that come back to haunt us

David Cameron should not escape blame for his role in conflicts that are still raging, argues Patrick Cockburn
Sam Baker and Lauren Laverne: Too busy to surf? Head to The Pool

Too busy to surf? Head to The Pool

A new website is trying to declutter the internet to help busy women. Holly Williams meets the founders
Heston Blumenthal to cook up a spice odyssey for British astronaut manning the International Space Station

UK's Major Tum to blast off on a spice odyssey

Nothing but the best for British astronaut as chef Heston Blumenthal cooks up his rations
John Harrison's 'longitude' clock sets new record - 300 years on

‘Longitude’ clock sets new record - 300 years on

Greenwich horologists celebrate as it keeps to within a second of real time over a 100-day test
Fears in the US of being outgunned in the vital propaganda wars by Russia, China - and even Isis - have prompted a rethink on overseas broadcasters

Let the propaganda wars begin - again

'Accurate, objective, comprehensive': that was Voice of America's creed, but now its masters want it to promote US policy, reports Rupert Cornwell
Why Japan's incredible long-distance runners will never win the London Marathon

Japan's incredible long-distance runners

Every year, Japanese long-distance runners post some of the world's fastest times – yet, come next weekend, not a single elite competitor from the country will be at the London Marathon
Why does Tom Drury remain the greatest writer you've never heard of?

Tom Drury: The quiet American

His debut was considered one of the finest novels of the past 50 years, and he is every bit the equal of his contemporaries, Jonathan Franzen, Dave Eggers and David Foster Wallace
You should judge a person by how they peel a potato

You should judge a person by how they peel a potato

Dave Hax's domestic tips are reminiscent of George Orwell's tea routine. The world might need revolution, but we like to sweat the small stuff, says DJ Taylor
Beige is back: The drab car colours of the 1970s are proving popular again

Beige to the future

Flares and flounce are back on catwalks but a revival in ’70s car paintjobs was a stack-heeled step too far – until now
Bill Granger recipes: Our chef's dishes highlight the delicate essence of fresh cheeses

Bill Granger cooks with fresh cheeses

More delicate on the palate, milder, fresh cheeses can also be kinder to the waistline
Aston Villa vs Liverpool: 'This FA Cup run has been wonderful,' says veteran Shay Given

Shay Given: 'This FA Cup run has been wonderful'

The Villa keeper has been overlooked for a long time and has unhappy memories of the national stadium – but he is savouring his chance to play at Wembley
Timeless drama of Championship race in league of its own - Michael Calvin

Michael Calvin's Last Word

Timeless drama of Championship race in league of its own