Portsmouth told to forget Premier League bail out

Crisis club Portsmouth have been told the Premier League won’t bail them out of their financial collapse.

Hong Kong businessman Balram Chainrai, Portsmouth’s fourth owner this season, is in talks with four different groups about a takeover, but admits it is unlikely a deal will be completed in time to avoid a winding-up order in the High Court on Monday.

With no new influx of cash on the horizon and the club in danger of going bust, Chainrai announced on Tuesday that he would rather put Portsmouth into administration than let the courts decide their fate because that would suspend the winding-up order.

That means almost certain relegation for Portsmouth, who are already bottom of the Premier League, as there is a nine-point penalty for any top-flight club going into administration, leaving Avram Grant’s side on just seven points — 16 behind their nearest rivals.

Chainrai met with English Premier League chief executive Richard Scudamore on Tuesday and was, it is understood, told Portsmouth would not be advanced cash due to them from the EPL before the already arranged payment dates.

Phil Hall, Chainrai’s spokesman, said: “We had a very cordial meeting to explore all possibilities and any help the Premier League might give Portsmouth FC going forward.”

Playing in the Championship next season would trigger an exodus of Portsmouth’s best players, while the club will also have to find a new owner willing to deal with debts of 70 million pounds (80 million euros).

However, a further payment of five million pounds from television money will become available before the end of the season and, following relegation, parachute payments of 16 million pounds per year for two years.

The Premier League officials also told Chainrai they could not advance the club any money ahead of the due payment date.

Meanwhile, Pompey chief executive Peter Storrie has confirmed he is prepared to take a substantial pay cut.

Storrie is one of the highest-paid chief executives in the Premier League, with an annual salary believed to be at least 1.2 million pounds.

He told Wednesday’s Portsmouth News: “I have already spoken to the administrator and he wants to keep things settled, which means me staying on.

“I will work with him and I believe he wants me to help him sell the club to the right person.

“There will be cuts at all levels. That’s something for the administrator to do to make sure the club keeps going. I will be taking a big cut as well.

“I’ve seen salary figures of 1.4 million pounds bandied around for me but my basic salary is less than half of what has been reported.

“The rest of it has been a bonus given by (former owner) Sacha Gaydamak every year. That’s in recognition of me keeping the club going for him by selling players.

“But I am prepared to cut my basic (pay) quite substantially.”