Portsmouth To Enter Administration On Friday; Unless Another Investment Is Found.
In a statement on the clubs website, Portsmouth FC owner, Balram Chainrai, has announced that unless new owners can be found by this coming Friday 26th February the cash strapped club will enter administration. Chainrai, has been meeting potential investors in London all week however he has admitted it is unlikely that new investors will be found before the clubs winding up hearing. The club also confirmed that 17million of the owners money has been put into the club in order to make sure they can operate and survive.
In the statement the club go on to confirm if they were to enter administration they would regain financial stability which is what Pompey fans want and most football fans as the death of this historic football club would be a sad day for world football. The club also believe if the club was to regain financial stability then they would become a lot more of a viable assets to a potential investor. They asked all fans and staff for patience as they believe they have no other option but to go into administration if a investor is not found.
Going into adminstration would allow the club to complete their full fixture list for the rest of the season. Chainrai will continue to fund the club until its long term future is decided and he will also pay for the administration period.
You may be thinking, I’m the average Portsmouth fan, what on earth does that mean for me?
Most importantly, it would mean that Portsmouth Football Club would stay alive and would not be lost forever. With adminstration comes point deduction, as always, and Portsmouth would face a nine point deduction which would drag Portsmouth back to seven points and 17 points from safety which would make Avram Grants job almost impossible.
With only twelve games left, relegation would seem almost guaranteed for the south coast club but fans should be willing to accept this as after all it is better than the club becoming extinct. The club could start again in the championship next season and work their way back up to the premier league with better foundations.
Portsmouth FC is a club very much involved in the community so if the club was to die, it would not only affect the fans but effect the whole city. Administration may be the only option for the club.
Sky Sports News are reporting that their is four potential investors interested in the club however they are going through the long process of a take over know as ‘proof of funds’ where an investor must prove they have enough money to buy and run the club. There is some doubts over whether any of the investors has a big enough bank balance to do so.
Whatever happens, the next couple of months and remainder of the season could be a long old nervous one for Portsmouth fans.