Debt Strapped Portsmouth goes into Administration
Saturday, 27th February 2010
Portsmouth traded their short-term Premier League status for the hope of long term survival when they went into administration. 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 governments Revenue and Customs department. But, after failing to secure new funding or a new owner, instead they became the first Premier League club to go into administration.
Already seven points adrift at the bottom of the league, Portsmouth will now suffer an automatic nine point deduction, almost certainly condemning the 2008 FA Cup winners to relegation.
Portsmouth are some 70 million pounds ($107,3 million) in debt and attempts to find a new owner the sixth in the last year have failed.
The club issued a statement on their website (www.portsmouthfc.co.uk) confirming that they officially went into administration on Friday.
[Reuters]
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