Portsmouth inch towards administration

Portsmouth moved a step closer to becoming the first Premier League club to go into administration after another dramatic day on the south coast. With the club's total debts around £60m, Pompey face a winding-up order from Her Majesty's Revenue and Customs next Monday unless they can pay £12m of unpaid tax before then.

Yesterday began with chief executive Peter Storrie talking bullishly about a South African consortium stepping in before the end of the week with the necessary funds needed to stave off administration. "It's a very simple, straightforward position," Storrie told Sky Sports News. "As far as general negotiations are concerned that's about complete... this is all about proving to us, the board and the owner, that the money is there to take the club forward.

"To be fair to them they have provided proof of funds through a lawyer, but we need to see it from a bank. We need to see it, the Premier League need to see it, everyone needs to see it."

Storrie didn't name the South African saviour and Portsmouth's new owner Balram Chainrai seemed sceptical a deal might happen. He gave the South Africans until the end of Monday to provide proof of funds but no such proof appears to have been forthcoming.

Hong Kong tycoon Chainrai is in London this week with business partner Levi Kushni to sort out the Portsmouth problem, the pair having taken control of the club earlier this month with a 90 per cent stake. Reports suggest that Chainrai intends to lease Fratton Park for around £1m a year until the debt is repaid.

If Portsmouth do go into administration, the club, currently seven points adrift at the foot of the Premier League, would be penalised nine points meaning certain relegation to the Championship. But at least it might allow them a chance to avoid going out of business. One of Chainrai's aides was reported as saying: "Administration would mean relegation but it would give the owner a chance to clean up the finances and start again without the threat of going out of business altogether."  

The other drama at Fratton Park yesterday surrounded Sulaiman Al Fahim and his resignation as non-executive chairman. The Dubai businessman took the odd step of announcing he was stepping down from the board and handing his 10 per cent shareholding to the Portsmouth's Supporters' Trust by posting his resignation letter on arabianbusiness.com. The news came as a surprise to the Portsmouth board, who later issued a statement saying: "We have received his resignation, which has been accepted by the board."

Al Fahim is one of four people to have owned the 112-year-old club in the past seven months, having taken over from Sacha Gaydamak in August before selling on to Ali Al Faraj six weeks later, who in turn relinquished control to Chainrai at the start of February. Despite selling his majority share in the club, Al Fahim retained a 10 per cent stake in Pompey and was given the position of non-executive chairman.

It caps a turbulent few days for Al Fahim, who last week hit the headlines when a United Arab Emirates newspaper alleged a warrant had been issued for his arrest after a £1.4m property deal in Dubai involving an Azerbaijani investor fell through. Al Fahim denies any wrong doing. ·