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Pompeyexile
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Posts: 448

From the Daily Mail

17th February 2012

Portsmouth's application to go into administration has been approved

Championship strugglers Portsmouth have entered administration for the second time in as many years over debts of £4 million.

The 2008 FA Cup winners will prbably be docked 10 points, which leaves them hovering perilously above the drop zone. However, BBC Sport reports that Pompey may face a huge 20 point cut.

Pompey face a winding-up hearing next week over an unpaid tax bill and have not been able to pay their playersand staff for January.

 The club's parent company, Convers Sports Initiatives, went into administration in November.

More problems: It is the second time in as many years Portsmouth have been in this situation

The 114-year-old club were relegated from the Premier League in 2010 and suffered a nine-point penalty for going into administration for the first time in March 2010.  

Portsmouth's application to go into administration was approved by High Court Judge Mr Justice Norris who said he intended to appoint an administrator later on Friday.   

The hearing was told Portsmouth owe around £2m to business creditors and the same figure to the tax authorities.

Utility companies were threatening tocut off the gas and electricity supplies at the club's Fratton Park home, the court heard.

More to follow...

 

February 17, 2012 at 9:46 AM Flag Quote & Reply

Pompeyexile
Site Owner
Posts: 448

From VitalPompey

 

Portsmouth Football Clubs application to go into administration, once again, was today successful - if that is the right word!

Mr Justice Alastair Norris ruled that Pompey could, as requested, enter into admin for the second time in less than a couple of years.

We now await our fate, with the football league to decide just how much of a points penalty that they will impose on us?

The minimum that we can expect is 10pts, and that 'should' be what we get, although a deduction of 'up to 20 points' is possible...

Given the football leagues' own shortcoming should they deem fit to punish us beyond the mandatory 10pts then to say that we have been 'hard done by' would be an understatement!

Who our administrators will be is not yet known, this will be ruled on later today.

Admin Andy, and his UHY Hacker Young crew, had been 'suggested' by the club although their application has been opposed.

This, as I guess you all know, was by Portsmouth City Council and HMRC.

HMRC suggested in court that the 'administrators should be Trevor Birch and Brian Jackson, who they said had extensive experience of administration at football clubs in England and Scotland.'

The bank account will now be unfrozen with the assets within this used to pay the wages.

PLAY UP POMPEY!

Read more: http://www.portsmouth.vitalfootball.co.uk/article.asp?a=273081#ixzz1me7JVIcA

 

February 17, 2012 at 9:48 AM Flag Quote & Reply

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