Portsmouth FC Bound For Administration

Portsmouth FC

Portsmouth FC

Portsmouth are facing a 10-point deduction from the Football League after the club confirmed they have applied to go into administration.
The automatic penalty from the Football League for entering administration would see Pompey drop into the relegation fight at the bottom of the Championship, and it would be the second time in as many years that the club has gone into administration.
Pompey face a winding-up hearing next week over an unpaid tax bill and have not been able to pay their players and staff for January.
A club statement said: “Portsmouth Football Club today made an application to the High Court to go into administration.
“The club will not enter administration until the court endorses the application and appoints an administrator.”
The High Court administration hearing is due to take place on Friday.
Peter Kubik, of the club’s financial advisors UHY Hacker Young, said Portsmouth’s bank accounts had been frozen after the winding-up application by HM Revenue and Customs.
He said: “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.”
Pompey were plunged into another financial crisis after their parent company, Convers Sports Initiatives (CSI), went into administration in November. UHY Hacker Young are the administrators for CSI.
In February 2010 Portsmouth became the first Premier League club to enter administration and were deducted nine points, condemning them to relegation.
A 10-point deduction from the Football League would put Pompey on 25 points, outside the relegation places on goal difference alone.

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About KAYCEE WEEZY!

I am somewhat of a geek!

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