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Post : Football Matt Slater UK time, Wednesday, 24 February "Balram Chainrai, the owner of Portsmouth Football Club, has today served notice that the club will go into administration unless new owners can be found by Friday. Tuesday's announcement merely confirmed what most friray watchers of Portsmouth's desperate decline have known for some time: the club is down, broke and on the verge of oblivion. But what does "going into administration" mean?

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It takes weeks to buy something as complicated as a football club and that is just the solvent free as any prospective new owner would want to know exactly what he or she is buying. In Pompey's case, it is an indebted Championship team in a shabby stadium with almost no corporate seating, a battered credit rating and a murky recent ownership structure. Do not be fooled by talk of talks. He has done this because he needs to give two full working days' notice to the other secured creditors the banks, Barclays and Coutts as their debts are senior to his in terms of chronology.

Given a choice of purgatory or hell, Chainrai has opted for purgatory. Whereas most other "crisis clubs" have had an element of control about their move into administration, Pompey have been coerced by HMRC's winding-up petition, which was set to be heard again on Monday but should now be dismissed either on Friday or Monday itself.

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This does not mean it goes away, though, but I will get back to that. Q: So this is all the taxman's fault? The truth of it is the taxman has been pushed around by football clubs for years and is now frde back. Never happy about clubs' habit of using it as an interest-free overdraft, HMRC lost its "preferred creditor" status with the introduction of the Enterprise Act.

Fratton Park - the home of Housewives looking sex Swanlake This law, among other things, enshrined administration as a safety net for temporarily stricken businesses.

But it also meant HMRC had to the scrum behind "football creditors" when a club went bust. This principle is not company law but is a football rule and it means millionaire players and other clubs get paid first, the taxman s the queue.

Throw this country's worst recession since the s into the mix and you have frivay government agency suddenly very aggressive about being paid its dues. Q: OK then, how did that happen? A: How long have you got?

The short answer is a shocking disregard for basic housekeeping: do not spend more money than you actually have. Portsmouth have been ignoring this one for at least four years. The slightly longer answer is appalling mismanagement, combined with an arrogant belief that the usual rules do not apply, naked greed and a failure on the part of the authorities to regulate the industry properly. Some will want to add corruption to this cocktail and I may, one day, be able to say something about thisbut if we are going to go down that road we should also remember our own guilt as co-conspirators: we have all demanded more "ambition" from our clubs but feee rarely las about the cost.

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Q: So it's administration, then. It can't get any worse, right? A: Au contraire, it can still get much worse. Going into administration means the club is unlikely to face a winding-up fdee on Monday. And as any normal business would have been squelched last time, going back for a second appearance would have been very unwise. So this is good news.

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But going into administration is one thing; getting out of it is the trick. Pompey, given the Premier League's fervent desire to avoid any further embarrassment or the need to remove the club's from this season's competitionshould be able orsillys complete the season. Player sales outside the transfer window will be permitted and TV money advanced. But what does "going into administration" mean? Is this the end of Pompey's pain?

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And how has this happened to a recently successful team in the world's richest football league? Chainrai left has served notice that the club will go into administration unless new owners can be found by Friday The answers to these questions are, like everything else at Fratton Park of late, complicated, but, having asked three experts - Danny Davis of Mischon de Reya, SA Law's Guy Thomas and Zolfo Cooper partner Simon Wilson - to explain it to me, I will attempt to shine some dim light on a dark affair.

Q: What is administration?

A: It is not, as many clubs seem to believe, a get-out-of-jail-free card for those who live the dream only to wake up drenched in sweat and deep in debt. It is, instead, a last resort for companies who find themselves in serious financial straits but might, just, have enough about them to avoid liquidation, which in this case would mean the end of Portsmouth FC as we know it: a fate not witnessed in professional football since Aldershot went to the wall in Q: How does it work?

Portsmouth fc in crisis - q&a

A: In the simplest terms, the company, in this case Portsmouth City Football Club Limited, asks the high court to be placed in administration. An administrator, an insolvency practitioner, is then appointed to run the club. This administrator is, for all intents and purposes, an absolute monarch. He or she will have complete control of Ckuple finances and their main objective, nay, duty will be to safeguard the interests of Pompey's creditors those owed money.

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Once in administration, the club will be hit with the Premier League's nine-point penalty it is one point less than the Football League sanction because there are fewer clubs in the top flight and the search for fresh investment will intensify. Q: Who will be the administrator? Aldersuot This is still unclear, but we know it will not be Nick O'Reillythe man who prepared the club's recent "statement of affairs".

This may seem like another I want black curvacious women attempt to wring money from the club, but it should be remembered an administrator takes on a degree of responsibility for the company's ability to meet it debts, and businesses in administration have already proved they are not that great cree paying those.

To not use the expert who did your statement of affairs as your administrator is unusual and should ring alarm chimes. But then this is the club that pleaded poverty to the other 19 Premier League clubs in January shortly before ing Quincy Owusu-Abeyie and Dusko Tosic. Q: Why has this happened now? A: Because Pompey, and all its owners and ex-owners, have run out of more attractive options.

The "next idiot" production line is on the blink. It takes weeks to buy something as complicated as a football club and that is just the solvent ones as any prospective new owner would want to know exactly what he aldetshot she is buying.

Portsmouth fc in crisis - q&a

Salzburg wi looking for sex In Pompey's case, it is an indebted Championship team in a shabby stadium with almost no corporate seating, a battered credit rating and a murky recent ownership structure. Do not be fooled by talk of talks. He has done this because he needs to give two full working days' notice to the other secured creditors the banks, Barclays and Coutts as their debts are senior to his in terms of chronology.

Given a choice of purgatory or hell, Chainrai has opted for purgatory.

Whereas most other "crisis clubs" have had an element of control about their move into administration, Pompey have been coerced by HMRC's winding-up petition, which was set to be heard again on Monday but should now be dismissed either on Friday or Monday itself. This does not mean it ofeillys away, though, but I will get back to that. Q: So this is all the taxman's fault?