Search: Portsmouth administration
Debt-ridden Portsmouth has become the first Premier League club to go into administration, effectively ensuring a drop from top-flight English football.
Owner Balram Chainrai took the decision on Thursday night after talks with four interested groups failed to lead to a takeover of the club, which is saddled with £70 million in debts.
Pompey will be automatically docked nine points as a result of going into administration, leaving them with just seven points, 16 behind their nearest rivals.
Administrator Andrew Adronikou, of insolvency experts UHY Hacker Young, will now begin cutting costs to try to keep the club going as a viable business.
Some experts believe the administrator may have to terminate player contracts to save cash.
Simon Wilson, partner of restructuring experts Zolfo Cooper, said: "It seems certain that Portsmouth will be relegated and will need a complete restructure.
"Depending on the level of committed funding available the administrator may need to terminate players' contracts to reduce outgoings because the possibility of selling players outside of the transfer window has already been denied by the Premier League."
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Gordon Brown's spokesman said the Prime Minister, an avid football fan, was concerned about the developments at Portsmouth.
Mr Brown's spokesman said: "It is a sad day for a great club and it is deeply regrettable if they do go into administration. It is a matter for individual clubs and the HMRC, but this issue of sensible rules and governance has been raised by (Cabinet minister) Andy Burnham, when he was at the Department for Culture, Media and Sport."
Portsmouth fans were also saddened by the news. Joyce Tynan, 76, a fan since 1946, said: "It's heartbreaking. It's a good club with good staff and now I hope they carry on. If they carry on then I will."
