Portsmouth officially in Administration
Portsmouth Football Club have today confirmed that they have become the first Premier League football club to enter administration.
This news has been on the cards for some time now, with the prospects of finding a buyer diminishing with every day that passed. The administrators have now been appointed and will be tasked with drastically reducing costs in order to keep the club functioning.
Pompey will be docked 9 points meaning that relegation to The Championship is almost inevitable.
Sky Sports News has been showing clips of an angry fan at Fratton Park confronting Peter Storrie, the club’s Chief Executive, horrified that his club has ended up like this. He was adamant that those in charge would have known of their financial issues for the last few years, and that they could have taken action sooner.
Roy Keane has said that this should be a warning to other clubs, with players’ salaries increasing all the time so that the wage bill far exceeds the club’s revenue.
