Portsmouth_FC_crest_2008

It finally happened—on Thursday, February 25th, Portsmouth became the first Premiership club in history to enter administration. It has been a remarkable change in fortunes for the club that won the FA Cup in 2008, and seemed like a more than respectable Premiership force under the reign of Harry Redknapp.

Administration saves them from complete liquidation for the time being, but they only have eight weeks to straighten up their finances, or else they might not finish the season. The administrator in charge of saving the club has said he is confident Pompey will live on, but they will almost definitely be deducted nine points, which would make them relegation certainties.

The people you really need to feel sorry for in this whole situation are the fans, who have been let down by the bad management of their club. Porstmouth have spent money well beyond their means, and no matter how many costs they try to cut now, with a squad full of decently paid players they cannot sell, their debts have risen to over 60 million pounds. This is by far not the biggest debt in the English top flight, but the club have switched no less than four owners this season, and unlike other clubs, there is no one willing to give them the money off hand.

It is certainly a sad thing, but the question other clubs of similar size and debts will be asking themselves is who’s next? The houses of cards are beginning to fall.

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