Portsmouth were today virtually condemned to relegation after the Premier League imposed a nine-point penalty, but appear likely to succeed in their attempt to bring forward TV revenues and parachute payments to help see them through to the end of the season.
The administrator, Andrew Andronikou of UHY Hacker Young, said that the former chief executive Peter Storrie must shoulder "a large part" of the responsibility for the club's collapse and called on the consortium that hopes to buy it to reveal the identity of its backers.
Rob Lloyd, the Cheshire businessman who is fronting a consortium interested in buying the club, told the Guardian that he had twice met Andronikou and would progress to the next stage of due diligence by signing a non-disclosure agreement and installing a team of forensic accountants in a "data room". The "six to eight weeks" timeframe previously outlined by Andronikou for buying the club out of administration is "certainly achievable", said Lloyd.
"We all understand each other's concerns and we are singing from the same hymn sheet. I'm not interested in the past, it's the future I'm interested in. Let's get on with the job at hand," he said.
Both sides said they would not be pursuing a exclusivity agreement. "I don't think we are in a position to do that – they have to satisfy us in various other areas," said Andronikou, who has estimated it would cost upwards of £30m to buy the club. "I also don't want to discourage other interested parties." Andronikou said the fact the group's main backer remained anonymous was an issue and he would require more clarity by the middle of next week.
"I'm trying to understand how his group has manifested itself; it seems to have changed form in the last two weeks, which is a great illustration of problems we are going to have," he said.
"I am not saying they are not credible but there is a long way to go to find the appropriate people to take the club forward. My goal is get the club ship shape, minimise its loss-making and exit the administration so we don't incur penalties in the Championship next season, where it looks as though we will be."
The deduction leaves Portsmouth, around £78m in debt, marooned at the bottom of the Premier League on 10 points, 14 behind Hull City.
The Premier League had suspended consideration of the nine-point penalty while a challenge by Her Majesty's Revenue & Customs to the administration was heard. The Revenue, which had concerns over the validity of the latest owner Balram Chainrai's mortgage on the club's assets, is still unhappy about aspects of the process but has dropped its opposition.
"Following the high court's decision that Portsmouth FC's administration is valid, the Premier League board convened today to apply the League's rules and policies in relation to a member club suffering an event of insolvency," said the Premier League.
"As a result Portsmouth FC has been deducted nine points with immediate effect. As part of this process the board met with the administrator to agree how we will work together for the remainder of the season to ensure that the club is able to fulfil its commitments."
While the Premier League had previously refused Portsmouth's pleas for an advance on the £5m it is owed in TV payments between now and the end of the season, and the £16m it will be due in parachute payments, it now looks likely they will be granted some of the money.
The fact that Portsmouth are now in administration and virtually certain to be relegated is likely to make rivals better disposed to advancing the funds as a one‑off. It is understood Portsmouth still owe around £10.5m in transfer money to other Premier League clubs.
Although Chainrai has agreed to provide a £15m overdraft to fund the club in administration, Andronikou said last week that he was yet to call on it. The administrator made 85 redundancies last week in an attempt to cut the club's cost base.
