Source: Telegraph
Portsmouth to enter administration as saviours disappear
Four undisclosed buyers failed to prove they had the funds to buy the club by the 3.30pm deadline set by Andrew Andronikou of UHY Hacker Young, who will serve as the administrator. "We made a conscious decision to put it into administration tomorrow morning," Andronikou said. The nine-point penalty will leave Portsmouth already bottom on seven points, 17 adrift of safety. [LNB]Hong Kong businessman Balram Chainrai took over the club this month as a short-term arrangement to protect his investment after becoming frustrated that several deadlines were missed to repay his loans to the club. Chainrai's spokesman Phil Hall said: "Administration would mean the club re-emerging as a healthy financial entity. The club would then become an attractive proposition for a potential buyer who could invest new funds in rebuilding the club's future. [LNB]Southampton braced for points deduction decision "We would like to ask the fans, the staff and management of Portsmouth Football Club for their support and patience should this step be taken, as they believe it is the only route left open to them." [LNB]Hall added: "The serving of this notice means the winding-up order is automatically suspended. It means the club is safe, can fulfil its fixtures and as far as is possible it is business as usual. [LNB] "Mr Chainrai hopes the supporters will get fully behind the team as usual for their Premier League match at Burnley on Saturday and the following weekend's FA Cup quarter-final at home to Birmingham. [LNB] "He has agreed to continue funding the club going forward until its long-term future is decided. He will also pay for the administration process out of his own pocket." [LNB]
