23.02.2010
Portsmouth face administration D-Day
Portsmouth will be put into administration on Friday unless a buyer comes forward to save the club before then, the club's Hong Kong-based owner announced.
Businessman Balram Chainrai is in talks with four different groups about possible takeovers but admitted on Tuesday that he regarded a salvage deal as unlikely.
If an owner is not found, administration is the only alternative to the club being dissolved at the request of Britain's tax authorities, who have tabled a winding-up order which is due to be heard in the High Court on Monday.
A statement from Chainrai said: "Mr Chainrai and fellow investors from his Portpin investment vehicle, are in London to continue talks with representatives of four different groups interested in buying the South Coast club, but have had to reluctantly accept that it is now unlikely a deal can be done before a winding up hearing due to be heard in the High Court on Monday."
Source: © 2010 AFP -
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