Portsmouth FC will face almost certain relegation from the Premier League after entering into administration today.

Portsmouth Football Club has become the first Premier League team in history to enter administration, and is almost certain to be relegated to the Championship.

A statement on the club’s website confirmed the recent speculation that this morning (26 February) the club would be placed into administration with Andrew Andronikou of UHY Hacker Young, appointed joint administrator with Peter Kubik and Michael Kiely.

Despite discussions with possible buyers, Balram Chanrai yesterday told reporters that he would rather enter the club into administration than face a possible winding-up order next week.

Mr Chanrai’s spokesman Phil Hall said that “Administration was the only route left open.

“Administration would mean the club re-emerging as a healthy financial entity. The club would then be an attractive proposition for a potential new buyer who could invest new funds in rebuilding the club’s future.”

According to reports the club has debts of more than £60 million, including £11.5m owed to Her Majesty’s Revenue and Customs (HMRC).

Following this morning’s announcement, Chief Executive Peter Storrie announced that plans to step down as soon as a sale is completed.

Praising Mr Chanrai’s decision to save the club he said he had not taken the decision lightly, but he had to take into consideration the effect the past 15 months have had on his family: “Whilst accepting as Chief Executive of Portsmouth Football Club that it was inevitable that criticism would come my way, the overall funding of the business was the responsibility of the new owner.

“I find it somewhat ironic that a couple of months ago my name was being chanted by the fans at a time when I seriously considered my position at the club. Yet now, because I appear to be the last one left, they are calling for my head.”

The club will be automatically deducted nine points in the league leaving them firmly at the bottom and with an almost certainty that they will be relegated.