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Portsmouth FC to enter administration

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by Kay Mitchell

Portsmouth Football Club is to enter administration today as the Premier League side struggles under a mountain of debt totalling £60 million – including more than £12 million owed in tax to HM Revenue and Customs.

The club has failed to attract a buyer and the process of administration means it will immediately be docked nine points by league bosses – leaving them facing relegation.

The debt-ridden club has had four owners already this season and has been languishing at the bottom of the Premier League.

The news comes just one month after championship side Crystal Palace entered administration as a result of financial difficulties.

Furthermore, at the end of last year, Watford Football Club saw its shares suspended after its parent company, Watford Leisure, was on the verge of administration.

However, Watford was saved from the threat of administration after majority shareholder Lord Ashcroft agreed to pay former chairman Jimmy Russo more than £4 million.

As a result, the future of Watford FC is secure until the end of the season.

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News posted: February 26, 2010

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