PORTSMOUTH FOOTBALL club is to go into administration for the second time in two years.
The players and the club’s coaching staff have been informed with an announcement expected on Monday night or on Tuesday morning, according to news reports.
The taxman issued the club with a winding up order earlier this year for an unpaid tax bill of about £1.6m.
As part of the winding up order all assets at the club have been frozen including bank accounts restricting management’s ability to pay staff and players.
Portsmouth’s administrator, UHY Hacker Young, was unavailable for comment.
Head of editorial Kevin Reed discusses this week's important accountancy news, including Brexit and audit market evolution
Phil Pierce and Ben Woolrych, partners at FRP Advisory, have sold out of administration the business and assets of Kiveton Park Steel Limited
The OECD's secretary-general José Ángel Gurría has given his verdict on what Brexit means for the UK and the EU
Public opinion is split over whether Brexit will harm or improve the UK accountancy sector