Soccer News
Portsmouth enter administration for second time in two years
Feb 17, 2012, 13:22 GMT
London - Portsmouth, one of the oldest clubs in the English football league, entered administration on Friday for the second time in two years.
The south-coast club had been given the order to wind up by HM Revenue and Customs on January 3, an order which automatically froze their bank accounts.
Going into administration means they will be able to access those accounts and continue trading while searching for new owners.
The Championship side will now be penalized 10 points but their punishment could be as many as 20 points.
A 10-point penalty would drop them to just above the relegation zone, on goal difference, while a 20-point penalty would see them fall to the bottom of the division.
Portsmouth are believed to owe around 4 million pounds (6.3 million dollars), half to business creditors and half in unpaid tax.
Portsmouth's first period of administration was in February 2010, after which they were relegated.
Read more about Portsmouth
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