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Portsmouth Is First Premier League Team in Bankruptcy
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Portsmouth today became the first team in England’s Premier League, soccer’s richest competition, to seek protection from creditors after U.K. authorities tried to force its closure over unpaid taxes.
The south-coast club, which has 60 million pounds ($91 million) in debt, went into administration, a form of bankruptcy, to avoid being closed down in three days over tax back-payments of 12.1 million pounds.