• Premier League

Pompey enter administration

Soccernet staff
February 26, 2010
David James arrives for the flight to Burnley © Getty Images
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Portsmouth have become the first Premier League club to go into administration and will be deducted nine points.

A statement on the club's official website read: "At 10:20am today, Portsmouth Football Club was placed into administration."

Chief executive Peter Storrie has also confirmed he will stand down once the administrators have completed their work.

In a statement, he said: "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. 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."

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 and Soccernet has been informed that the job cuts will be "drastic" although the new owner, Balram Chainrai, has put up the money for the wages to be paid this month.

Brian Laws still expects a big fight from Portsmouth this weekend

Speaking at a press conference on Friday afternoon Androniko confirmed the club will have to sell "one or two'' players to raise funds but that manager Avram Grant would not be leaving the club. He also did not rule out the possibility of securing an agreement with the Premier League to dodge the mandatory nine-point penalty issued to clubs that fall into administration.

Androniko said: "I will be cutting to the bone, I can assure you. 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."

Gary Double, Portsmouth's director of communications, walked out of the club on Thursday after discovering he was on the list of staff facing the axe as the club's administrator prepares for severe cut-backs.

Double told Soccernet: "I am a bit gutted as I've been dealing with all the continued crisis for the last 18 months, but I'll at least get my life back! There are some fantastic people who are working very hard under very trying circumstances, and it is likely some of those will go too. It's a great club I've come to love despite being a Fulham fan!"

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