Portsmouth officially enter administration

(GSM) – Portsmouth officially became the first Premier League side to go into administration on Friday as Andrew Andronikou was appointed to oversee the insolvency of the south coast side.

The club, which has had multiple owners over the course of the current season, will now face a penalty of nine points in the EPL standings, ensuring almost certain relegation to the Championship.

Andronikou also announced that manager Avram Grant will remain with the club through the remainder of the season despite the financial troubles.

Portsmouth have tried over the past week to work out a deal with numerous buyers, but none of the deals worked out. This left the club with debts, reportedly in excess of €67 million.

Chief executive Peter Storrie, who is one of many people fans blame for the club’s financial demise, has said he will resign his post once the club is sold off at the end of administration.

While many English clubs have gone into administration over the course of time, never has it happened to a top-flight team since the inception of the Premier League in 1992.

There is no timetable for when Pompey will be prepared to emerge from administration.