Fri, 26 Feb 2010 | ADMINISTRATION
Portsmouth FC is to be the first Premier League club to be placed into administration after four potential buyers failed to prove availability of funds.
The unnamed third parties were required to provide proof of the funds to buy the club by 3.30pm on the 25th Feb, a deadline imposed by Andrew Andronikou of UHY Hacker, who is to act as the administrator.
Hong Kong businessman Balram Chainrai took on the club early in February as a short-term means of protecting his investment after several deadlines to repay his loans to the club were not met.
It appears the move into administration was a positive one, as Chainrai's representative Phil Hall said: "Administration would mean the club re-emerging as a healthy entity. The club would then become an attractive proposition for a potential buyer who could invest new funds in rebuilding the club's future."
He added: "The serving of this notice means the winding-up order is automatically suspended. It means the club is safe, can fulfill its fixtures and as far as is possible it is business as usual."
Chainrai is going to continue supporting the club until its long-term future is protected.
Now it is in administration, the club's remaining assets will have to be sold, and it will have nine points deducted leaving them with seven. Relegation from the Barclays Premier League is considered to be highly probable.
See also: Portsmouth Football Club daces administration
Notts County Football Club seeking funds
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