http://news.bbc.co.uk/sport1/hi/football/15944523.stm
Apparently if you go into Admin three times you are kicked out of the Football League. Wonder what this means for Portsmouth...
Portsmouth chairman Vladimir Antonov has
resigned after the club's parent company Convers Sports Initiatives
(CSI) entered administration.
Accountants Hacker Young, who handled Pompey's administration in 2010, have been named to handle CSI's insolvency.
"It's incredibly disappointing for the club to find itself in
this position," said Pompey chief executive David Lampitt in a
statement.
The financially troubled club could now suffer a points deduction.
In a statement Pompey insisted that "Portsmouth Football Club
(2010) Limited - the company that operates PFC - is not in
administration and continues to trade".
However the Football Association has previously indicated
that those clubs whose parent company enter administration will be
subject to a points deduction process.
And what happened to Portsmouth's Championship rivals Southampton in 2009 will offer a worrying precedent for Pompey fans.
Then, Southampton's parent company Southampton Leisure
Holdings went into administratoin and though the club hoped to avoid
deduction an investigation by Football League appointed accountants
found the club & SLH were "inextricably linked as one economic
entity".
Southampton were subsequently deducted 10 points.
The Football League were not immediately available for comment on the likelihood of Pompey suffering a points deduction.
"I want to assure staff and fans that we will continue to do
everything possible to safeguard the position of the club and its
longer-term future," added Lampitt.
Antonov, who last week was arrested in an inquiry into asset stripping,
secured the sale of Portsmouth from Hong Kong businessman Balram
Chainrai, director of Sports Holdings (Asia) Ltd in June. Portpin is
another Chainrai company.
Chainrai first took over at Fratton Park in February 2010,
placing Portsmouth in administration after initially investing £17m in
the club, and "reluctantly" assuming control when previous owner Ali Al
Faraj defaulted on loan payments due to him.
Portsmouth were consequently deducted nine points on their way to relegation from the top flight.
Last week Portsmouth's former owners Portpin Ltd re-emerged
as an interested party in the club's future after filing a charge at
Companies House over the parent company making it a secured creditor
over CSI.
Apparently if you go into Admin three times you are kicked out of the Football League. Wonder what this means for Portsmouth...
