Portsmouth, with debts of about £60m, have become the first Premier League club to enter administration.
The club will be docked nine points as a result and face almost certain relegation to the Championship.
Pompey, who have had four owners this season, were due to face a winding-up order on 1 March but decided to go into administration in a bid to survive.
It was reported that four parties were considering a takeover but no deal was completed before Thursday's deadline.
Administrator Andrew Andronikou, of insolvency experts UHY Hacker Young, now has the responsibility of beginning the process of cutting costs at the club to try to keep it as a viable entity.
More: http://news.bbc.co.uk/sport1/hi/foot...th/8538457.stm
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The most successful league in the world innit...
The club will be docked nine points as a result and face almost certain relegation to the Championship.
Pompey, who have had four owners this season, were due to face a winding-up order on 1 March but decided to go into administration in a bid to survive.
It was reported that four parties were considering a takeover but no deal was completed before Thursday's deadline.
Administrator Andrew Andronikou, of insolvency experts UHY Hacker Young, now has the responsibility of beginning the process of cutting costs at the club to try to keep it as a viable entity.
More: http://news.bbc.co.uk/sport1/hi/foot...th/8538457.stm
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The most successful league in the world innit...
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