Sunday, Feb. 28, 2010
LONDON (AP) Portsmouth became the first Premier League team to be forced to seek bankruptcy protection from its creditors on Friday, enabling the insolvent business to restructure financially.
The bottom club in the world's richest league was placed into administration by the High Court less than two years after winning the F.A. Cup.
Although the club will continue to operate, relegation to the second-tier is a near-certainty, with the nine-point penalty that administration brings leaving manager Avram Grant's team 17 points from safety.
After Balram Chainrai — Portsmouth's fourth owner this season — was unable to clear debts of around £70 million ($105 million), administrator Andrew Andronikou of accountancy firm UHY Hacker Young will try to strike deals with creditors and could cancel players' contracts.