PORTSMOUTH have avoided liquidation by entering administration for a second time in two years. Debts of €4.8 million had made the club’s predicament so dire they were threatened with having the gas and electric supplies cut off.
Pompey had even been unable to afford to travel to Barnsley for today’s Championship game until €2.4 million in their accounts was unfrozen after administration was granted.
Trevor Birch, the administrator who was wanted by Portsmouth’s biggest creditor, Revenue Customs, but not by the club, urged fans to “keep the faith” before they were docked 10 points last night, a penalty that puts them in 21st place in the table and just outside the relegation zone on goal difference.
Two years ago, the same punishment caused Portsmouth’s relegation from the Premier League.
Questions will now be asked regarding how Convers Sports Initiatives (CVS), led by the Russian businessman Vladimir Antonov, was able to buy the club last summer and why the board led by the chief executive David Lampitt allowed Pompey’s future to again be placed in jeopardy.
Lampitt said yesterday: “I absolutely see my future being with Portsmouth, to get the club to where we are today after what happened in 2010 and with everything that has been going on in the background recently is quite an achievement. All the fans would agree that having the right owner, rather than the one with the biggest wallet, is what we need.
“That would be the best outcome for the football club. It’s been a very tough two years – a really difficult period and I don’t think it’s going to get any easier just yet. The main point was that we stopped the club going back to court on Monday to potentially have it wound up.
“I’m quite easy about having a new administrator. A fresh pair of eyes looking at everything will be a good thing. I’m taking Trevor down to the club this afternoon to explain the situation to the staff and spend time with him, starting to go through everything.”
Birch, a former chief executive of Leeds and Chelsea, was given the role after HMRC won the legal argument to have him appointed over Andrew Andronikou, the administrator of Portsmouth’s parent company, who was the club’s choice.
Birch attempted to strike an optimistic note, telling Sky Sports News: “There needs to be a new face for the supporters, a new face that is looking at every aspect of the club, just to give it some new vitality. I’m used to dealing with clubs in crisis. You could say most of the Championship is in crisis – 30 per cent of the clubs in the Championship are paying wages in excess of 100 per cent of turnover. I’m used to dealing with that kind of pressure.
“The intention is to try to sell the club as a going concern. You have to travel hopefully and confidently. Hitherto there has always been somebody to come out of the woodwork to buy football clubs. Maybe this might be the impetus for somebody new to make a bid.
“ The most important thing now is to try to achieve some stability and to put the club on an even keel.”
To fans he said: “Keep the faith. Keep supporting and hopefully we’ll find a solution together.”
With Portsmouth owing HMRC around €2.4 million and a similar amount to smaller creditors, the Football League explained why CVS was allowed to buy it.
A statement said: “At all times following its takeover of Portsmouth, Convers Sports Initiatives – and in particular Mr Vladimir Antonov – complied with the requirements of the owners’ and directors’ test as set out in the regulations of the Football League.”