Join Now | 
HomeAboutContact UsPrivacy & SecurityAdvertise
Soccer America DailySpecial EditionAround The NetSoccer Business InsiderCollege Soccer ReporterYouth Soccer ReporterSoccer on TVSoccer America Classifieds
Paul Gardner: SoccerTalkSoccer America ConfidentialYouth Soccer InsiderWorld Cup Watch
RSS FeedsArchivesManage SubscriptionsSubscribe
Order Current IssueSubscribeManage My SubscriptionRenew My SubscriptionGift Subscription
My AccountJoin Now
Tournament CalendarCamps & AcademiesSoccer GlossaryClassifieds
Bankrupt Portsmouth enters fight for survival
AP, February 27th, 2010 2:36AM

MOST READ
TAGS:  england, soccer business

MOST COMMENTED

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."

Read the original story...


No comments yet.

Sign in to leave a comment. Don't have an account? Join Now




AUTHORS

ARCHIVES
FOLLOW SOCCERAMERICA

Recent Section 2 Around the Net
Inzaghi: Milan Has Nothing to Lose Against Juve     
AC Milan on Saturday hosts Juventus in an early-season top-of-the-standings clash of Italian heavyweights. While Milan ...
London Wins Semis and Final of Euro 2020    
UEFA on Friday awarded Wembley Stadium in London as the venue for the semifinals and final ...
Prosecutor Calls for End to FIFA's Secrecy     
FIFA prosecutor Michael Garcia on Friday said he wants more details published about corruption cases in ...
Pellegrini Defends Toure, Lampard     
Manchester City coach Manuel Pellegrini defended Yaya Toure's performance against Bayern Munich during City's UEFA Champions ...
Mourinho Was 'Not Expecting' Lampard to Join Man City     
Jose Mourinho says he still has respect for Chelsea legend Frank Lampard even though he could ...
Mourinho: Relationship with Ronaldo 'Does Not Exist'    
Jose Mourinho says he no longer has any relationship with Cristiano Ronaldo now that he has ...
Arrests Mar Roma's UCL Win     
Police arrested three fans prior to AS Roma's UEFA Champions League opener against Russian side CSKA ...
Roma Players Warn City, Bayern Following Rout     
AS Roma's players said they are full of confidence following their 5-1 hammering of CSKA Moscow ...
Di Maria: "I Needed to Change My Life"    
In an interview with Perform, Manchester United forward Angel Di Maria says that he left Real ...
Drogba: "I'm Like a Diesel, I Need Time"    
Didier Drogba admits that he needs time to regain his fitness and confidence after squandering chances ...
>> Section 2 Around the Net Archives