Portsmouth FC's nine point deduction expected to happen on March 17 (From Daily Echo)

Portsmouth FC's nine point deduction expected to happen on March 17

4:07pm Tuesday 16th March 2010 in

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The Premier League are set to confirm a nine-point deduction for Portsmouth tomorrow as the club's administrator today revealed 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 board meeting tomorrow where the points deduction is expected to be rubber-stamped.

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 last 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 last night 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.

Andronikou added that he did not intend to challenge the Premier League's rule on the nine-point deduction but would speak to them about it.

''We are picking up where we left off and talking about how the Premier League can assist us,'' he said.

''The goal for me is to get the club out of administration as soon as possible, restore some credibility and make sure next season they do not fall foul of any more points deductions.''

Andronikou said he was ''pretty confident'' of taking the club out of administration within six to eight weeks.

Portsmouth will get access to £5million from the Premier League between now and the end of the season, and £16million in the close season as the 'parachute payment' for the now certain relegation.

The Premier League had been waiting for confirmation in the High Court that Portsmouth's administration was valid - and that happened today after HM Revenue and Customs dropped their challenge.

It means that the club, which owes £65million, will not face a winding up petition.

Gregory Mitchell QC, representing HMRC, told High Court judge Mr Justice Lewison that there would now be a meeting of creditors, including HMRC, which took action because the club owed more than £12million in unpaid VAT and PAYE.

He said Portsmouth had now supplied details about their financial affairs and after a meeting with the administrators, HMRC had been reassured about their independence.

Mitchell said: ''We take the view that the continuation of the administration offers the best chance of the club surviving and of a return to the creditors, including HMRC.''