Portsmouth 'up for grabs at �30m'

Portsmouth are the first Premier League club to go into administration

By John Sinnott

Portsmouth's administrator, who will meet the Premier League on Thursday, has placed a valuation on the crisis-hit club for the first time.

"I think buyers will need in excess of £30m to buy the club," administrator Andrew Andronikou told BBC Sport.

"It's a good opportunity to buy a club with a great history and I really want to focus on finding the right buyer.

"The Premier League have offered their hand and I'm very comfortable that the club will be starting next season."

Andronikou will attend Thursday's meeting of Premier League chairmen to also explore whether clubs would consider allowing Portsmouth to sell players and then take them back on loan for the remainder of the season.

But he would prefer not to have to go down the route of selling players to ensure that the Premier League run-in is not devalued by Portsmouth having to field a weakened team.

"It's new territory for the Premier League, but I'm sure we can reach a commercial compromise," added Andronikou, an insolvency practitioner from UHY Hacker Young.

"They can't loan us money, but they can help us with future parachute payments and a variation of transfer window - the idea of a sale and loan of players.

"But I'm aware that I'm dealing with professional athletes and there is a danger of distorting the competition."

606: DEBATE What does the future hold for Portsmouth

Any points deduction would leave the Hampshire club on 10 points - 14 from safety and virtual certainties for relegation to the Championship.

Last week Pompey became the first Premier League club in history to enter administration after racking up debts of "£60-£70m".

"I know we have the wherewithal to finish the season, though there will have to be cost cutting from top to bottom," said Andronikou, who estimates Portsmouth's playing squad is worth £38m.

Portsmouth's administrator also confirmed the existence of a covenant on Fratton Park that stipulates the stadium must be used for football.

On Tuesday Portsmouth were ordered to return to the High Court on 15 March after their case against Her Majesty's Revenue and Customs was adjourned.

HMRC challenged the club going into voluntary administration and questioned the validity of Andronikou's appointment as administrator.

It was claimed that Andronikou may have links with owner Balram Chainrai, compromising his independence.

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