Source: Daily_Mail
Portsmouth's administration means cut-backs and nine-point penalty
Burnley budget: Portsmouth players will use airline Flybe for their flight to Lancashire tomorrow[LNB]Portsmouth will today become the first Barclays Premier League club to go into administration, accepting a nine-point penalty which will virtually condemn them to relegation. [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]Andrew Andronikou, of Hacker Young, will be installed as chief administrator today, triggering a meeting of the Premier League board early next week to ratify the nine-point deduction. [LNB]The winding-up process started by HM Revenue and Customs, due before the High Court next week, will be suspended automatically. But they will be 17 points from safety with 12 games to play. [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]But at least 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 by predecessor Ali Al Faraj, has agreed to keep funding the club and pay for administration. [LNB]'Having the club wound up is not an option as far as we're concerned,' said spokesman Phil Hall. [LNB]'The partners have put £17m into the club and have a responsibility to ensure Portsmouth FC survive.'[LNB] Avram raging at plight of Portsmouth as administration looms for crisis clubBlack Friday: Pompey to become first top-flight club to go into administrationTosic to exit Portsmouth after Premier League withhold Serbian's registrationPORTSMOUTH FC
