Yours for Just £30m: Portsmouth Football Club Worth Just a Bit More Than Joleon Lescott

Fratton Park worth about the same as very average defender!

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Sports - October 17, 2007

Portsmouth’s administrator has placed a valuation on the club for the first time and insists the Premier League outfit are an attractive investment.
“I think buyers will need in excess of £30m to buy the club,” Andrew Andronikou told BBC Sport.
“It’s a good opportunity to buy a club with a great history and I really want to focus on finding the right buyer.
“The Premier League have offered their hand and I’m very comfortable that the club will be starting next season.”
Portsmouth became the first Premier League club in history to enter administration after racking up debts of “£60-£70m”.
Andronikou is confident Pompey will survive but admits the club will have to cut costs significantly and find ways of raising much-needed funds.
He is due to meet Premier League chairmen on Thursday to explore the possibility of allowing the club to sell players and then take them back on loan for the remainder of the season.
However, he said he is keen not to to go down the route of selling players because it would weaken the team and could therefore devalue the Premier League run-in.
“It’s new territory for the Premier League, but I’m sure we can reach a commercial compromise,” added Andronikou, an insolvency practitioner from UHY Hacker Young.
“They can’t loan us money, but they can help us with future parachute payments and a variation of transfer window – the idea of a sale and loan of players.
“But I’m aware that I’m dealing with professional athletes and there is a danger of distorting the competition.”

Pompey face a nine-point deduction for going into administration.
That would leave the Hampshire club on 10 points – 14 from safety and virtual certainties for relegation to the Championship.
“I know we have the wherewithal to finish the season, though there will have to be cost cutting from top to bottom,” said Andronikou, who estimates Portsmouth’s playing squad is worth £38m. (BBC Sport)

So what now for Portsmouth? It seems highly unlikely that the Premier League will bend any rules to help the south coast side, and nor should they, so that would mean a certain drop to the Championship and then what? In all likelihood they will then need to sell their best players to make ends meet which will mean they will have to hope their youth policy is producing some top financially viable talent so that they can keep themselves from suffering successive relegations.

If they can somehow keep Avram Grant at the club then they have a chance of bouncing straight back but in many ways the playing side of the equation is less problematic than finding the money that prevents the club from folding before the season even ends.

The fact that the club is for sale for an amount a little more than the cost Manchester City paid for frankly average defender Joleon Lescott probably says all that needs to be said about the state the game could find itself in if it continues to use money in an obscene and unsustainable manner

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