There were glum faces at Fratton Park last night and not just because 10-man Stoke seized a last gasp winner against the home side. There are real fears that the historic club with its particularly dedicated supporters may go out of existence. Financial expert Simon Wilson told BBC Sport that administration is an unlikely option. ‘Arguably, the level of debt associated with this case will mean that it is unlikely that a suitable or willing benefactor will be found,” said Wilson, a partner with restructuring experts Zolfo Cooper. ‘Portsmouth therefore face the ve
There were glum faces at Fratton Park last night and not just because 10-man Stoke seized a last gasp winner against the home side. There are real fears that the historic club with its particularly dedicated supporters may go out of existence. Financial expert Simon Wilson told BBC Sport that administration is an unlikely option. ‘Arguably, the level of debt associated with this case will mean that it is unlikely that a suitable or willing benefactor will be found,” said Wilson, a partner with restructuring experts Zolfo Cooper. ‘Portsmouth therefore face the very real threat of liquidation because it is increasingly unlikely that an administration order will be sought or granted.’
Although Fifa had indicated that they were prepared to look on a request to sell players out of the transfer window favourably, the Premiership, not surprisingly, have turned it down. It is unclear whether such a fire sale would have raised enough money to allow the club to survive, although it would have brought further relief to the wage bill.
When manager Avram Grant heard of the plan he thought it was a joke, ‘but now I know that it isn’t. Every day a new thing crops up and I don’t know whether it is sad or funny. It is very difficult to work like this.’
The search for a fifth owner of the season continues with a South African consortium reported to be close to a deal and Endeavor Plan, a Hong Kong-based company, asking for 30 days in which to carry out due diligence. West Ham United owner David Gold has offered to lend Portsmouth the money they need to avoid being wound up if neither works out. The Hammers have taken four points from Pompey this season which will be expunged if they go out of business.
Gold would make the loan as a private citizen to get round rules preventing a club lending money or guaranteeing the debts of a rival. His suggestion is that he gives them £10m and the Premier League gives him their parachute payment in August, although whether the Premiership would agree to such an arrangement is questionable.
I sense an appetite out there to see a club go out of business to serve as a warning to others to get their house in order. No one has said anything to that effect, but it is in the atmosphere.