Portsmouth faces administration if business buyer not found

Hot on the heels of Crystal Palace Football Club's confirmation that it had fallen into administration after months of financial hardship, it's claimed Portsmouth faces the same fate unless a buyer snaps up the business in the next eight days.

The organisation fell short to the sum of £2 million as the transfer window closed last night, and not even the £3.5 million sale of keeper Asmir Begovic to Stoke will be enough to keep it afloat, according to sources speaking to The Sun.

It's thought the club has a £7.5 million tax and VAT bill that it hoped to pay by selling enough players before a High Court winding-up order next week.

A club insider tells the newspaper: "The end is very close. Unless someone comes in with a load of new cash within the next week, the club will almost certainly go bust. If the winding-up order is upheld, we simply can't pay the Inland Revenue."

Crystal Palace administrator Brendan Guilfoyle has said he's confident a buyer for the club will be found, claiming he is working "flat out" to sell a business he describes as an attractive proposition in spite of its financial problems.

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