Published>Fri, Feb 26 10 05:26 PM
Portsmouth traded their short-term Premier League status for the hope of long-term survival when they went into administration on Friday.
The debt-ridden south-coast club had been due back in the High Court next week to face an adjourned winding-up order from the British government's Revenue and Customs department but, after failing to secure new funding or a new owner, instead became the first Premier League club to go into administration.
Already seven points adrift at the bottom of the league, Portsmouth will now suffer an automatic nine-point deduction, almost certainly condemning the 2008 FA Cup winners to relegation.
Portsmouth are some 70 million pounds ($107.3 million) in debt and attempts to find a new owner -- the sixth in the last year -- have failed.
The club issued a statement on their website (www.portsmouthfc.co.uk) confirming that they officially went into administration at 1020 GMT.
The administrators will hold a news conference at Portsmouth's Fratton Park ground later on Friday.
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