Portsmouth will officially go into administration on Friday morning with the automatic nine-point penalty virtually condemning them to relegation from the Premier League.
Pompey owner Balram Chainrai took the decision on Thursday evening after talks with four interested groups failed to lead to a takeover of the club, which has ?70million debts.
The process of going into administration has already begun and this will be completed in the High Court this morning.
Pompey will become the first Premier League club to go into administration and the nine-point penalty will leave them on just seven points, 16 behind their nearest rivals.
Chainrai's spokesman Phil Hall said on Thursday night: "We have started the process of putting the club into administration and this is due to be completed at the High Court in London first thing tomorrow.
"The administrator has begun work immediately on the paperwork and this should be completed by tomorrow."
Administrator Andrew Andronikou, of insolvency experts UHY Hacker Young, will now begin 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.
Football365 | All The News | Football News | PORTSMOUTH SET FOR ADMINISTRATION
Pompey owner Balram Chainrai took the decision on Thursday evening after talks with four interested groups failed to lead to a takeover of the club, which has ?70million debts.
The process of going into administration has already begun and this will be completed in the High Court this morning.
Pompey will become the first Premier League club to go into administration and the nine-point penalty will leave them on just seven points, 16 behind their nearest rivals.
Chainrai's spokesman Phil Hall said on Thursday night: "We have started the process of putting the club into administration and this is due to be completed at the High Court in London first thing tomorrow.
"The administrator has begun work immediately on the paperwork and this should be completed by tomorrow."
Administrator Andrew Andronikou, of insolvency experts UHY Hacker Young, will now begin 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.
Football365 | All The News | Football News | PORTSMOUTH SET FOR ADMINISTRATION
I was just going to write that news about Pompeys. I feel sorry for them.
~~~~ me missed a chance for an easy post 
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