Wait, shouldn’t Fratton Park side be hit with ten point penalty? Well I guess that extra point won’t matter all that much.
Debt-laden Portsmouth have been called “completely dysfunctional” as they prepare to become the first Premier League club to enter administration.
Accountant Nick O’Reilly of Vantis, who recently examined the club’s books, said Pompey’s business methods had gone “against all good governance”.
“I came away not knowing who controlled what,” O’Reilly told BBC Sport.
Portsmouth will enter administration on Friday and be docked nine points, leaving them facing certain relegation.
With debts of about £60m, they were due to face a winding-up order on 1 March over an unpaid £11.7m tax bill owed to Her Majesty’s Revenue and Customs.
However, that action was suspended when the Fratton Park club declared earlier this week its intention to go into administration unless a buyer for the club could be found.
Phil Hall, spokesman for Pompey owner Balram Chainrai, claimed four parties were interested in a possible takeover but Thursday’s deadline passed without any indication that a deal was close.
Administrator Andrew Andronikou, of insolvency experts UHY Hacker Young, will now begin the process of cutting costs at the club to try to keep it as a viable entity.
Chainrai became Portsmouth’s fourth owner of the season earlier this month, taking 90% of the club’s shares after previous owner Ali Al Faraj defaulted on loan payments due to the Hong Kong-based businessman.
Pompey’s financial woes have been well documented.
Players have been paid late on four occasions this season, while the club is also involved in a separate dispute with former owner Sacha Gaydamak over whether they have missed a deadline in paying a £9m chunk of the £28m they owe him.
The Premier League also withheld £2m of transfer payments recently and diverted a £7m slice of TV revenue to Chelsea and Watford to cover the signings of Glen Johnson and Tommy Smith respectively. (BBC Sport)
Seeing at the club were already eight points from safety the loss of nine more points won’t have made a great deal of difference and the important thing now is for the club to rid itself of any influences who were part of the ‘dysfunctional’ board that led the club into this horrific state of affairs. Quite how Chief Executive Peter Storrie is still present at Fratton Park (and drawing a massive wage), is beyond me.
If they can they should keep hold of Avram Grant because he could be just the man to bring Portsmouth from the dead. The financial restrictions related to being in administration will probably lead to further player sales and it may be that the south coast club needs to build on youth programmes to help them out of this mess as investing in new players could be impossible for the next 18 months or so.
They need to get themselves some responsible owners and start from scratch. If they can get through this immediate crisis then the future may not need to be all that grim.