Tue, 14 Feb 2012 | ADMINISTRATION
Portsmouth Football Club has applied to enter administration for the second time in two years.
The Business Sale Report reported last week that the club’s manager, Michael Appleton, was preparing for administrators to be called in. A club spokesman said yesterday that the club has now taken the step of applying for administration, which will see them incur a 10-point penalty in the Championship and face a struggle against relegation.
"Portsmouth Football Club have made an application to the High Court to go into administration,” the spokesman said. “The club will not enter administration until the court endorses the application and appoints an administrator."
Peter Kubik, from the club's financial advisers UHY Hacker Young, said that the club is facing a winding-up hearing next week over an unpaid tax bill, and that their bank accounts have been frozen ever since HM Revenue and Customs applied for the winding-up. He added, “Once the administration order is in place the bank accounts will be made accessible again.”
Kubik said that the club has “lots of bills they need to pay”, including the tax bill that is between £900,000 and £1.2 million. The current crisis was prompted by the collapse of the club’s parent company, Convers Sports Initiatives (CSI), in November last year.
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