|
|
Portsmouth heading into administration for the second time in two years
After 'chasing the dream' earned the club a place in two FA Cup finals, relegation and financial struggles have taken their toll & Pompey's monetary position has become more severe
13 Feb 2012 18:08:00
By Alex Richards
Goal.com
Advisors to Championship side Portsmouth, FA Cup winners in 2008, have confirmed that the club are seeking to go into administration for the second time in as many years.
Pompey face a winding-up hearing next week over an unpaid tax bill and have not been able to pay their players or staff for January.
Peter Kubik, of the club's financial advisors UHY Hacker Young, told Press Association Sport: "They are in the process of seeking an administration order - an application to court seeking administration is due to go in any day.
"The club's bank accounts have been frozen due to the winding up hearing and they are finding it very difficult to trade. Once the administration order is in place the bank accounts will be made accessible again.
"We are aware that administration carries an automatic 10-point deduction by the Football League."
In February 2010 Portsmouth became the first Premier League club to enter administration and were deducted nine points, condemning them to relegation.
In November, Portsmouth's parent company, Convers Sports Initiatives (CSI) went into administration.
The tax bill is for between £900k and £1.2m but Kubik said there were many other outstanding bills to pay. Among these, the club needs to pay their electricity supplier in order to avoid being cut off.
"There are lots of bills they need to pay," added Kubik.
Currently lying in 17th place in the Championship table, a 10-point deduction from the Football League would put the South Coast club on 25 points, outside the relegation places only on goal difference.
Pompey face a winding-up hearing next week over an unpaid tax bill and have not been able to pay their players or staff for January.
|
Sign up with 188BET for a FREE bet up to £25 – Great Prices, Every Game |
|
Open an account with Sportingbet today and get up to £50 in free bets! |
|
Sign up with William Hill for a free bet up to £25 |
|
Sign up with bet365 for a free bet up to £200 |
|
Sign up with Paddy Power - Bet £10, Get £20! |
Peter Kubik, of the club's financial advisors UHY Hacker Young, told Press Association Sport: "They are in the process of seeking an administration order - an application to court seeking administration is due to go in any day.
"The club's bank accounts have been frozen due to the winding up hearing and they are finding it very difficult to trade. Once the administration order is in place the bank accounts will be made accessible again.
"We are aware that administration carries an automatic 10-point deduction by the Football League."
In February 2010 Portsmouth became the first Premier League club to enter administration and were deducted nine points, condemning them to relegation.
In November, Portsmouth's parent company, Convers Sports Initiatives (CSI) went into administration.
The tax bill is for between £900k and £1.2m but Kubik said there were many other outstanding bills to pay. Among these, the club needs to pay their electricity supplier in order to avoid being cut off.
"There are lots of bills they need to pay," added Kubik.
Currently lying in 17th place in the Championship table, a 10-point deduction from the Football League would put the South Coast club on 25 points, outside the relegation places only on goal difference.
| Sign up with 188BET for a FREE bet up to £25 – Great Prices, Every Game |
|
| Open an account with Sportingbet today and get up to £50 in free bets! |
|
| Sign up with William Hill for a free bet up to £25 |
|
| Sign up with bet365 for a free bet up to £200 |
|
| Sign up with Paddy Power - Bet £10, Get £20! |
|
Inside Goal.Com
-
Welbeck convinces Hodgson he is the man to lead the line
England beat Norway 1-0 at Wembley, with the Manchester United man hitting an impressive winner to stake his claim for a starting spot at Euro 2012
-
How England player's chances were affected by Belgium victory
Ashley Young all but secured his place in the starting line-up against France while captain Steven Gerrard put a good shift in. Joe Hart, however, needs to remain focused
-
In Pictures: The best and worst kits at Euro 2012
The European Championship is just around the corner and Goal.com distinguishes between the trendy and the passe at the prestigious tournament
-
Managerial merry-go-round keeps spinning as Lambert takes Villa job
The Scot officially left Norwich City on Saturday to become the second new boss in June, following the appointment of Brendan Rodgers at Liverpool on Friday
-
Hungary - Republic of Ireland Preview
Veteran Italian coach takes his Irish side to Újpest in Hungary for their last warm-up match before their highly-anticipated Euro 2012 opener against Group C rivals Croatia
