Portsmouth Soccer Club Enters Bankruptcy for Second Time in Two Years
English soccer club Portsmouth went into administration today for the second time in two years.
Trevor Birch, who works at the PKF accounting firm, will be the executive to run the club while it attempts to get out of administration, Portsmouth said today on its website.
The team has been run by accountants UHY Hacker Young since parent Convers Sports Initiatives Plc entered administration on Nov. 29. CSI, a U.K.-based investment vehicle used by former owner Vladimir Antonov to buy Portsmouth, defaulted on an interest payment to former owner Balram Chainrai.
“Our aim is to achieve an outcome that helps ensure the club’s long term survival, preferably by finding a suitable buyer,” Birch said in an e-mailed statement. “We will now begin discussions with the club’s stakeholders with a view to getting Portsmouth out of administration as soon as is practically possible. Until then, our intention is to stabilise the situation and keep the club running on a day-to-day basis.”
Creditors include electricity suppliers that have threatened to cut the team off, UHY’s Peter Kubik said in an interview earlier this week.
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