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Portsmouth confirm they have entered administration - Barclays Premier League - ESPN Soccernet

Portsmouth have become the first Premier League club to go into administration and will be deducted nine points.

Administrator Andrew Andronikou, of insolvency experts UHY Hacker Young, has started the process of cutting costs at the club to try to keep it as a viable entity.
Speaking at a press conference on Friday afternoon Androniko confirmed the club will have to sell "one or two'' players to raise funds but that manager Avram Grant would not be leaving the club.
Androniko said: "I will be cutting to the bone, I can assure you. Restructuring starts today. There will be significant cost cuts at all levels. We have a huge job to deal with.
"I need to generate working capital in the next two months, we will have to sell one or two players but I am not looking to sell players on a fire-sale basis.
"We are asking the Premier League for their assistance, this is very new for them. There will be a meeting with the Premier League next Thursday where I will make a presentation."