Pompey to enter administration
PORTSMOUTH have confirmed they expect to enter administration tomorrow (Friday).
PORTSMOUTH have confirmed they expect to enter administration tomorrow (Friday).
Pompey owner Balram Chainrai has released a statement on the club's official website stating that he has travelled to London to continue talks with four possible buyers but said it is unlikely a deal will be concluded before Monday's winding-up order is served in the High Court.
Spokesman for Chainrai, Phil Hall said: “There is now only a short window of opportunity for buyers to come in with a credible offer. We have to be realistic and having the club wound up is not an option as far as we are concerned.
“They are the victims of circumstance, having injected funds in the form of a short-term loan to the Al Faraj Group, who subsequently invested the money in the club.
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“The partners have put �17m of their own money into the club and have a responsibility to ensure Portsmouth Football Club survives.
“Administration would mean the club re-emerging as a healthy financial entity. The club would then become an attractive proposition for a potential buyer who could invest new funds in rebuilding the club's future.
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“We would like to ask the fans, the staff and management of Portsmouth Football Club for their support and patience should this step be taken, as they believe it is the only route left open to them.
“The serving of this notice means the winding-up order is automatically suspended. It means the club is safe, it can fulfil its fixtures and as far as is possible it is business as usual.
“Mr Chainrai hopes the supporters will get fully behind the team as usual for their Premier League match at Burnley on Saturday and the following weekend's FA Cup quarter-final at home to Birmingham.
“Mr Chainrai has agreed to continue funding the club going forward until its long-term future is decided. He will also pay for the administration process out of his own pocket.”
