25 Feb 2010

Portsmouth told Premier League won't bail them out

1:08 pm on 25 February 2010

Hong Kong businessman Balram Chainrai is in talks with four different groups about a takeover of English footbal club Portsmouth, but he admits it is unlikely a deal will be completed in time to avoid a winding-up order in the High Court on Monday.

With no new influx of cash on the immediate horizon and the club in danger of going bust due to unpaid debts, Chainrai says he would rather put Portsmouth into administration than let the courts decide their fate because that would suspend the winding-up order.

That means almost certain relegation for Portsmouth, who are already bottom of the Premier League, as there is a nine-point penalty for any top-flight club going into administration.

Chainrai, who is Portsmouth's fourth owner this season, met with English Premier League chief executive Richard Scudamore earlier this week and was believed to have been told Portsmouth would not be advanced cash due to them from the EPL before the already arranged payment dates.