The Fall of Portsmouth

Portsmouth officially entered administration today marking their financial collapse.  They become the first English Premier League side to ever enter administration.    Efforts to avoid the fall had been ongoing for weeks as the club struggled to find new ownership to inject cash into the club and overcome the large debts and negative cash flow problems.

Last week the club approached EPL officials asking to be able to sell players outside the transfer window to raise funds.  Several EPL teams objected and the EPL denied the request.  As meetings with prospective investors stalled it became evident to all earlier this week that administration was the only alternative left.

Portsmouth, already sitting last in the standings, will be have 9 points deducted thus pretty much assuring they will be relegated from the English Premier League at the end of the season.  Now in administration, insolvency experts will be brought in to identify ways to slash costs.  Word is job cuts will be drastic within the club.

Rumor has coach Avram Grant leaving the club, but that cannot be confirmed at this time.   A Portsmouth spokesman said "That's not the case. As far as I'm aware he's still with the club."

The club has not only struggled financially this year it has also struggled on the pitch as the lack of strong ownership, management and vision has dragged the players slowly downward leading to the last place standing this year.  Administration will allow Portsmouth to survive as a club, but the rebuilding process will be slow and have to take place in a lower division next year.