Administrator vows to save Pompey

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Portsmouth debt £60-70m - Administrator

Portsmouth administrator Andrew Andronikou has vowed to save the debt-ridden club and said all its finances will be "reviewed and scrutinised".

Pompey became the first Premier League club in history to enter administration after racking up debts of about £60m.

Andronikou says he faces some difficult decisions over the next few weeks but has told fans not to give up hope.

"I promise we will save your club and take you forward," he said. "I will be cutting to the bone, I can assure you."

Portsmouth went into administration on Friday, and Andronikou, an insolvency practitioner from UHY Hacker Young, now has the job of assessing the extent of the damage, along with colleague Peter Kubik.

In a statement, Andronikou said: "We are looking to immediately address the significant monthly tax burden of the club by implementing a swift cost rationalisation programme.

"Every aspect of the club's overheads will be reviewed and scrutinised. Our aim is to maximise all revenues and to eradicate all unnecessary costs.

MATT SLATER BLOG What does "going into administration" mean? Is this the end of Pompey's pain? And how has this happened to a recently successful team in the world's richest football league?

"Restructuring starts today. There will be significant cost cuts at all levels. We have a huge job to deal with."

Andronikou believes it will be necessary to sell "one or two" players, although the club would need special dispensation from Fifa and the Premier League to do this outside of a transfer window period.

The Premier League has already rejected one attempt by Pompey to sell players now that the window has shut.

"We are asking the Premier League for their assistance, this is very new for them," said Andronikou.

"There will be a meeting with the Premier League next Thursday where I will make a presentation.

"I need to generate working capital in the next two months. We will have to sell one or two players but I am not looking to sell players on a fire-sale basis."

Andronikou revealed Pompey could receive their television parachute payments early.

"Advance parachute payments? There is a possibility yes," he added.

Where did it all go wrong for Portsmouth?

Andronikou also said that manager Avram Grant had promised him he would stay until the end of the season.

"I've spoken to him briefly," said the administrator. "He has given his full support to stay till the end of the season.

"It would be very naive of me to start looking for a new manager."

Asked about the decision of chief executive Peter Storrie to tender his resignation, Andronikou added: "His position has become untenable. I understand he is in a very difficult position but my main priority is the football club.

"From what I've seen, I have every confidence Pompey will fulfil its fixture list and will be playing football next year."

He also said he will continue discussions with parties interested in investing in or taking over the club.

However, he will demand "proof of funds up front" from any would-be buyers and insists they must satisfy the Premier League's 'fit and proper person' requirement.

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