Pompey go into administration

Pompey go into 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 debts.

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.

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