The High Court ruled yesterday that Portsmouth has until 1600 GMT on February 17 to file a "statement of financial affairs" proving they can pay their creditors after Her Majesty's Revenue and Customs took Portsmouth to court over a £7.4 million unpaid tax bill.
Guy Thomas, an insolvency specialist at UK-based SA Law who advised Watford FC when it faced administration late last year, argues that it is inevitable Portsmouth will be placed into administration.
“I understand that Portsmouth have been asked to provide a ‘statement of affairs’ within the next week. Such a statement is drawn up by a specialist insolvency practitioner and will be very difficult to produce in such a short space of time, if that is the case the club looks set for administration,” he said.
“Given the minimum nine-point penalty that the Premier League may impose, it is highly likely that the club will prepare its finances on the basis it will be in the Championship next season.”
Portsmouth was granted extra time after arguing it had received two 'serious' offers to buy the club.
