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Bankrupt Portsmouth enters fight for survival
AP, February 27th, 2010 2:36AM

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TAGS:  england, soccer business

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Andrew Andronikou, the administrator appointed to oversee the business affairs of Portsmouth, the first English Premier League club to go bankrupt in the middle of the season, can't guarantee Pompey will survive, but he plans to cut the club's expenses to the bone and promises to inform police of any financial irregularities he discovers.

Andronikou hopes sale and leaseback arrangements will generate money to pay down the club's debts of more than $100 million, though the club's players while attractive would not be expected to generate half that amount on the transfer market.

Portsmouth also faces an automatic nine-point penalty -- the EPL's punishment for filing bankruptcy. "It is something I need to broach with the Premier League and then look to start talking about parachute payments," said Andronikou in reference to subsidies clubs receive to cushion the financial pain they endure when relegated. "I need that to be confirmed during the course of the week. We are the first Premier League club to have gone into administration so let's just test the rule."

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