Source: Daily_Mail
Administrators take control of Portsmouth and vow to fans: 'We will save your club'
The administrators now in control of Portsmouth have vowed to save their relegation-haunted club.[LNB]The cash-strapped Barclays Premier League side were docked nine points after going into administration.[LNB]Administrator Andrew Andronikou, who is now running the club, says they will have to sell 'one or two' players but insists they will rescue Pompey. Andronikou added that manager Avram Grant has promised to stay with the club until the end of the season.[LNB]Hard to take: Boss Avram Grant at training on Friday[LNB] FA reaction'We regret to see any football club enteradministration and we would express our sympathy, in particular, to the supporters of Portsmouth Football Club.[LNB]'We have been regularly informed over the status of Portsmouth by our colleagues at the Premier League. The FA will continue to support the PremierLeague during this process.' [LNB]Andronikou, an insolvency practitioner from UHY Hacker Young, now has the job of assessing the extent of the damage along with colleague Peter Kubik.[LNB]Andronikou said in a statement: 'We are looking to immediately address the significant monthly tax burden of the club by implementing a swift cost rationalisation programme.[LNB]'Every aspect of the club's overheads will be reviewed and scrutinised. Our aim is to maximise all revenues and to eradicate all unnecessary costs. We have many difficult decisions to make in next few days. I promise you we will save your club and take you forward.'[LNB]Andronikou is going to ask the Premier League not to impose the nine-point punishment on the south coast club.[LNB]He said: 'I understand everyone is taking it for granted we aregoing to be docked the nine points. It is something I need to broachwiththe Premier League and then look to start talking about parachute payments.[LNB]Hard times: Portsmouth are in crisis[LNB]'I need that to be confirmed during the course of the week. We need to go through the formal process. I think it's early days to be talking about deducting the nine points.[LNB]'It is the rule at the moment but we are the first Premier League club to have gone into administration so let's just test the rule.'[LNB]Asked whether he would ask them not to dock the points, Andronikou answered: It could be on the agenda. I can imagine they will be very firm in their decision.' [LNB]Andronikou will continue discussionswith parties interested in investing in taking over the club, but willdemand 'proof of funds up front' and insists they must satisfy thePremier League's 'fit and proper person' requirement.[LNB]Portsmouth have beenunable to find a new buyer and administration should see them plummetdown to just seven points - all but confirming relegation.[LNB]Under-fire chief executive Peter Storrie has said he will tender his resignation when the administrators sell the club.[LNB]Portsmouth will be left 17 points from safety with just 12 games remaining this season. [LNB]The winding-up process started by HM Revenue and Customs, due before the High Court next week, will be suspended automatically.[LNB]Andronikou admitted he would be making massive cuts at the club.[LNB]'I will be cutting to the bone, I can assure you,' he said. 'Restructuring starts today. There will be significant cost cuts at all levels. We have a huge job to deal with.[LNB]'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.[LNB] In his hands: Administrator Andrew Andronikou at his press conference[LNB]'We are asking the Premier League for their assistance, this is verynew for them. There will be a meeting with the Premier League nextThursday where I will make a presentation.'[LNB]Andronikou revealedPompey could receive their television parachute payments early and thatthey still hoped to sell players outside of the transfer window,despite already being denied permission once.[LNB]'Advance parachute payments? There is a possibility yes,' he added. 'We are also hoping to obtain some form of concession to sell players.'[LNB]Asked about the decision of chief executive Peter Storrie to tender his resignation, Andronikou added: "His position has become untenable, I understand he is in a very difficult position but my main priority is the football club.[LNB]Rage: An angry fan confront chief executive Peter Storrie on Friday[LNB]'From what I've seen I have every confidence Pompey will fulfil its fixture list and will be playing football next year.'[LNB]As for the manager's position, he revealed: 'I've spoken to him briefly, he has given his full support to stay till the end of the season. It would be very naive of me to start looking for a new manager.'[LNB]Pompey must enter a Company Voluntary Agreement for unsecured creditors by the end of the season or start next season with another deduction of at least 15 points.[LNB] The new reality will start when the players fly on budget airline Flybe for £47.99 each to the game at Burnley tomorrow. [LNB]VIDEO: Portsmouth's fall from grace... Yet, the 112-year-old club have a better chance of survival, with four potential buyers circling, waiting for administration.[LNB]Owner Balram Chainrai, who was persuaded to invest £17million bypredecessor Ali Al Faraj, has agreed to keep funding the club and payfor administration. [LNB]'Having the club wound up is not anoption as far as we're concerned,' said spokesman Phil Hall. 'Thepartners have put £17m into the club and have a responsibility toensure Portsmouth FC survive.'[LNB]A sell-off of players and the prospect of a long period of rebuilding in the Championship now looms. [LNB]Meanwhile, FIFA are set to discuss Portsmouth's plight at their next executive committee meeting on March 18.[LNB]Today's news was expected after eight days which signalled the club'sfate. Last Thursday they asked the Premier League for permission tosell players outside the transfer window, which was rejected two dayslater.[LNB]Dark clouds: Fratton Park could soon be hosting Championship football[LNB] On Sunday chief executive Peter Storrie revealed a South Africanconsortium were pursuing a deal to Portsmouth - but nothing came of it.[LNB]Currentowner Balram Chainrai confirmed the club would go into administrationif they did not find a buyer by today - and despite New Zealand-basedbusinessman Victor Cattermole admitting his interest in buying theclub, a deal was not done in time.[LNB]Chainrai's spokesman, Phil Hall, said: 'He hasn't made a penny outof the club. He was asked in October to put in £17m as a loan, for sixweeks, and he agreed to do that.[LNB]'At the end of six weeks he expected his money to be returned and thatdidn't happen. He gave them a bit of a grace period but the loan wasn'trepaid so in January he took over the shares of the club. He putanother £2m in this week to make sure the staff were paid.'[LNB] Loyal: Portsmouth fans have watched their side slump this season[LNB]Premier League to act quicklyThe Premier League have confirmed their board will meet to 'invoke its rulesand policy' after Portsmouth entered administration.[LNB]A statement read: 'The Premier League can confirm it has received notice from Portsmouth FC that it has suffered an Event of Insolvency and entered administration. The board will now convene to invoke its rules and policy in relation to this matter.[LNB]'The board will also meet the administrator at the earliest opportunity to receive their views on the financial status of Portsmouth FC and set out theconditions for the club to fulfil its commitments for the remainder of theseason.[LNB]'We understand the need to act as swiftly and transparently as possible; however there is a process which means we can only provide comment at the appropriate junctures.' [LNB]Asked how Pompey ended up in administration, Hall continued: 'Theclub's debt is too great. He (Chainrai) was also given false promiseswhen he came in. He was told the club had certain debts but didn't knowthat Premier League rules say football debts become a priority, thatmoney owed on transfers must be paid first.[LNB]'He asked the questions and was given answers and assurances that turned out not to be true. Having put £17million of his own money in unfortunately he found the clubfacing a winding-up order on Monday.[LNB]'He had a choice of allowing the club to go into administration, for someone to go in and try to bring it back into a stronger financial position. He feels he's a victim - the club have been overwhelmed by these debts and he is a reluctant owner.'[LNB]However, Hall believes there could be a satisfactory outcome for Chainrai and the club.[LNB]He added: 'He's been left holding the baby but he wants to do what's right...he feels this is the right solution. [LNB]Buying a business with a huge debt around its neck is not an attractive proposition - but there are parties who say they are interested. Some of them may be interested if they are on a stronger financial footing.'[LNB] Portsmouth docked nine points as administration plunges cash-strapped Premier League towards relegationStorrie ends Portsmouth chapter: Chief executive to resign from crisis clubPortsmouth's administration means cut-backs and nine-point penaltyPORTSMOUTH FC
