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Saturday, October 23, 2010

Cash-strapped Portsmouth say on brink of folding

In a statement, the club indicated: "It appears likely that the club will now be closed down and liquidated" by the administrators as they are unable to support continued operations.

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Portsmouth, still in administration following financial woes which accompanied their relegation from the Premier League last May, said they believed striking a deal would likely prove "impossible."

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If the club did go to the wall, Portsmouth would become the first Football League club since Maidstone United in 1992 to go out of business. That year, Aldershot were also closed down.

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Portsmouth became the first Premier League club to enter administration last season and the nine points they were docked hastened their relegation. LINK

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