Storrie planning to leave Portsmouth

Portsmouth chief executive Peter Storrie has said he will tender his resignation when the administrators sell the club.

It follows this morning's news that the club have gone into administration, with debts of approximately £70million.

Administration will bring a nine-point penalty for the south-coast club, with the punishment virtually condemning the Hampshire club to relegation to the Coca-Cola Championship.

A statement released by the judicial communications office confirmed: "We can confirm that Portsmouth Football Club has gone into voluntary administration and as a result the winding-up proceedings have automatically been stayed."

The club - the first Premier League club to go into administration - confirmed a press conference would be held at Fratton Park at 3pm.

Administrator Andrew Andronikou, of insolvency experts UHY Hacker Young, has started the process of cutting costs at the club to try to keep it as a viable entity.

A major sell-off of players and the prospect of a long period of rebuilding in the Championship now looms.

Some finance experts believe the administrator may have to terminate player contracts now to save cash - although the club have refuted claims team manager Avram Grant has already left.

However, Storrie has announced he intends to help sell the business - then leave.

In a statement released to Press Association Sport, the chief executive said: "Whilst accepting it was inevitable that criticism would come my way, the overall funding of the business was the responsibility of the owner (Balram Chainrai).

"What I am not prepared to accept is the very personal level of abuse on websites, emails and local radio which I have received over the last couple of days.

"It is my intention to work with the administrator to help sell the business and I hope that will be quick as there is already interest in acquiring the club. I will also work with Avram Grant on the football side.

"Once the sale is complete, I will tender my notice to the new owners as set out under the terms of my contract.

"I find it somewhat ironic that a couple of months ago my name was being chanted by the fans at a time when I seriously considered my position at the club. Yet now, because I appear to be the last one left, they are calling for my head.

"My decision to stand down has not been taken lightly, but I have had to take into account the views of my family who have witnessed first-hand the effect that the last 15 months has had on our lives."

Meanwhile, a spokesman for Chainrai defended the owner's part in proceedings.

Spokesman Phil Hall said: "He hasn't made a penny out of the club. He was asked in October to put in £17million as a loan, for six weeks, and he agreed to do that.

"At the end of the six weeks he expected his money to be returned and that didn't happen. He gave them a bit of a grace period but the loan wasn't repaid so in January he took over the shares of the club.

"He put another £2million in this week to make sure the staff were paid."

Asked how Pompey ended up in administration, Hall continued on Sky Sports News: "The club's debt is too great.

"He (Chainrai) was also given false promises when he came in. He was told the club had certain debts but didn't know that Premier League rules say football debts become a priority, that money owed on transfers must be paid first.

"He asked the questions and was given answers and assurances that turned out not to be true.

"Having put £17million of his own money in unfortunately he found the club facing a winding-up order on Monday.

"He had a choice of allowing the club to go into administration, for someone to go in and try to bring it back into a stronger financial position.

"He feels he's a victim - the club have been overwhelmed by these debts and he is a reluctant owner."