Pompey goes into financial administration

Portsmouth will become the first English Premier League club to go into financial administration in an embarrassing landmark for the world's richest league. Four undisclosed groups reported to be interested in the club failed to prove they had the funds to buy it from Balram Chainrai by a deadline set by insolvency specialist As a result of entering financial administration, a form of bankruptcy protection, Portsmouth will be docked nine points, leaving the club bottom of the league with just seven - 16 points behind the team above it. Accountancy firm UHY Hacker Young will issue a detailed statement outlining how the club will be restructured to prevent it going into liquidation and made attractive for a potential buyer.By going into administration, a winding up order from the government's Revenue and Customs authority over unpaid tax will be suspended. Portsmouth, an 112-year-old club that has already had four separate owners this season, reportedly has debts of 70 million pounds ($A120.72 million). Another sad day, as this was the club that my later father followed and I was so happy when they made into the Premier League. To go out tlike this is atrocious.