Pompey set for points deduction

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Football News

The Premier League are set to confirm a nine-point deduction for Portsmouth on Wednesday, as the club's administrator revealed on Tuesday that talks with a takeover consortium have yet to lead to any proof of funds being produced.

League chiefs will meet administrator Andrew Andronikou ahead of a Wednesday board meeting where the points deduction is expected to be rubber-stamped.

The Premier League had been waiting for confirmation in the High Court that Portsmouth's administration was valid - and that happened on Tuesday after HM Revenue and Customs dropped their challenge. It means that the club, which owes £65million, will not face a winding up petition.

Andronikou does not intend to challenge the Premier League's rule on the nine-point deduction but will speak to them about it. He will also update the league on a proposed bid for the club by a group of unknown investors being fronted by property developer Rob Lloyd, best known for an appearance on Channel 4's The Secret Millionaire.

Andronikou met Lloyd following Portsmouth's defeat at Liverpool on Monday night and told the Cheshire-based businessman he needs to see proof of funds before taking any offer seriously.

Andronikou told Press Association Sport: "I met him after the game for the first time and discussed his interest in taking it forward. I take all interest seriously but he has to prove to us he has the credentials and the wherewithal to take it forward."

The fact that the investors' identities are being kept under wraps - Lloyd is not putting any money in himself - and that the takeover would be underwritten by a New York-based hedge fund has set alarm bells ringing, including with Pompey's current owner Balu Chainrai.

It is believed at least some of the consortium include South African investors who had expressed interest in buying the club from Chainrai before he decided to put it into administration but failed to demonstrate proof of their funds in time.

Andronikou said however it was too soon for him to judge the seriousness of the takeover bid.

"I have to make an assessment of the situation and until I have proof of funds I will not make any preconceived judgements about which investment vehicles are appropriate," he added.

Copyright (c) PA Sport 2009, All Rights Reserved.

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