Administrator vows to save Pompey

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Portsmouth administrator Andrew Andronikou insists every aspect of the ailing club's finances will be "reviewed and scrutinised" - but has promised supporters he will save the south coast side.

The club went into administration on Friday morning with debts of £70million and Andronikou, an insolvency practitioner from UHY Hacker Young, now has the job of assessing the extent of the damage along with colleague Peter Kubik.

Andronikou said in a statement: "We are looking to immediately address the significant monthly tax burden of the club by implementing a swift cost rationalisation programme. Every aspect of the club's overheads will be reviewed and scrutinised. Our aim is to maximise all revenues and to eradicate all unnecessary costs. We have many difficult decisions to make in next few days. I promise you we will save your club and take you forward."

Andronikou also believes it will be necessary to sell "one or two" players, although the club would need special dispensation from FIFA to do this outside of a transfer window period.

He also said that manager Avram Grant had promised him he would stay until the end of the season.

Andronikou will continue discussions with parties interested in investing in taking over the club, but will demand "proof of funds up front" and insists they must satisfy the Premier League's 'fit and proper person' requirement.

Andronikou admitted he would be making massive cuts at the club.

"I will be cutting to the bone, I can assure you," he said. "Restructuring starts today. There will be significant cost cuts at all levels. We have a huge job to deal with.

"I need to generate working capital in the next two months, we will have to sell one or two players but I am not looking to sell players on a fire-sale basis.

"We are asking the Premier League for their assistance, this is very new for them. There will be a meeting with the Premier League next Thursday where I will make a presentation."

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