26/02/2010

Portsmouth FC In Administration

Portsmouth Football Club was placed into administration this morning following the filing of a notice of appointment at the High Court by the chargeholder, Portpin Limited.

Andrew Andronikou, of UHY Hacker Young, has been appointed joint administrator of the club together with Peter Kubik and Michael Kiely.

Mr Andronikou is expected to hold a press conference at Fratton Park later this afternoon.

Portsmouth FC Chief Executive Peter Storrie said today was an "extremely sad day" for everyone connected with the club.

Mr Storrie recognised owner Balram Chainrai's attempt to keep the club alive.

He said Mr Chainrai had "given someone an exceptional opportunity to take this great club on with fresh investment to steer Portsmouth in a positive direction".

Mr Storrie said he accepted some criticism would be pointed in his direction.

"Whilst accepting as Chief Executive of Portsmouth Football Club that it was inevitable that criticism would come my way, the overall funding of the business was the responsibility of the owner.

"What I am not prepared to accept is the very personal level of abuse on websites, emails and local radio which I have received over the last couple of days."

He said he will work with the administrator to help sell the business.

"I hope that will be quick as there is already interest in acquiring the club. I will also work with Avram Grant on the football side.

"Once the sale is complete, I will tender my notice to the new owners as set out under the terms of my contract," said Mr Storrie.

"My decision to stand down has not been taken lightly, but I have had to take into account the views of my family who have witnessed first-hand the effect that the last 15 months has had on our lives."

Mr Storrie added he would "miss the genuine fans" who have shown their support to the club.

(PR/GK)

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