[Vidic15]

Quote

Portsmouth owner Balram Chainrai has confirmed that the club will go into administration unless a new buyer is found by Friday.

The Hong Kong businessman and his fellow investors from the Portpin investment company are in talks with four different consortia about a takeover but admits it is "unlikely" a deal will be done this week.

With a winding up order due in the High Court on Monday, the decision has been taken to go into administration instead to save the club and ensure Pompey can fulfil their remaining fixtures this season.

Chainrai's spokesman Phil Hall said administration - which carries a nine-point penalty in the Premier League - would keep the club alive as the winding up order would be automatically suspended.

A statement read: "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.

"The partners have put £17m of their own money into the club and have a responsibility to ensure Portsmouth Football Club survives.

"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.

"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."


Support
The statement continued: "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.

"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."

Skysports

A mere formality you'd think, along with relegation. Will be a long road back from the Championship assuming they do go down as Leeds have found out.

[Kev!]

Not good news, they'll probably break the record for lowest points. SSN said they will be on 7 points if they go into administration.

I can see them going down and down and down and down... Further than Leeds, Southampton and Charlton.

[HaRvEy]

Parachute Payments will pay off half of their debt

[mass debates]

They've got a few players that clubs will be interested in as well. The likes of Boateng, Belhadj, James, Hreidarsson, Diop, Utaka, Nugent, etc should go for a good sum of money. It all depends really on who purchases the club though, it might be that someone comes in who is only really itnerested in steadying the ship or they might luck out on an owner with some major backing. What is certain now is Pompey are going to be playing Championship football next season and with their doom effectively sealed on Friday you've got to wonder how the team will perform for the rest of the year knowing their season is over.

[The Canadian]

While undoubtedly, they will be an easy opponent with absolutely no motivation left, hopefully they'll at least attempt to compete to garner enough points to work off the points penalty for going into administration.