Premier League's £20m cash lifeline for potless Pompey
Published 23:00 17/03/10 By Alan Nixon
Portsmouth will be given a £20million-plus cash advance from the Premier League after accepting a nine-point administration penalty.
The crisis club have agreed that they will not fight the punishment and, in return, the Premier authorities will give them their TV money early and also one year’s worth of parachute payments.
The money that is being brought forward is TV cash due in the summer – between £5m and £6m – and the first parachute payment of around £15m to £16m.
The money should help Portsmouth do a deal with their creditors – at around 30p in the pound – and come out of administration in time to avoid a points penalty from the Football League next season.
The deal, first revealed by Mirror Sport on February 11, has been agreed by the Premier League after consultation with their members. Pompey gain no advantage from the advance as they are virtually relegated.
Pompey may also be allowed to sell players outside the window, another historic move revealed by Mirror Sport, but there do not appear to be many buyers just now.
Administrator Andrew Andronikou says former chief executive Peter Storrie must shoulder some of the blame for the club’s crisis.
He said: “He was a senior officer of the company and the company has failed so he must bear a large part of the responsibility. Portsmouth is an example of how not to conduct business in the world of football.”
