When Portsmouth went into administration
Portsmouth Football Club has a long and storied history. If you like English football feel free to visit 1xbet.com/en – place a bet on the Premier League and other fantastic tournaments.
It was founded in 1898, and has won numerous trophies. Some of them include:
- two top-flight league titles, which at the time were known as the First Division;
- two FA Cups;
- and a UEFA Cup.
Sadly, this history almost came to an end during the late 2000s. The team acquired substantial amounts of debt that forced it to go into administration in order to avoid its dissolution. You can place a bet on 1xBet on Portsmouth and other teams from the English football tournaments.
Reckless spending that came to haunt the club
The club first entered administration in 2010, after running up debts of over £60 million. This was largely due to a period of reckless overspending by the previous owner. Wagering on player transfers can also be done from your mobile gadget by going to the www.1xbet.com/en/mobile website.
As it can be guessed, the team later found itself unable to repay the loans they took. After facing the real threat of being liquidated and dissolved, the team needed to undertake the painful step of going into administration. Plenty of football teams and matches can always be wagered at the 1xBet website.
A painful punishment
As a result of entering administration, PFC was deducted nine points by the English Football League (EFL). This happened prior to the start of the 2010-11 season, where the team had just been relegated from the Premier League to the Championship. You can always place online football bet – 1xBet features all matches from the Championship too.
This resulted in the team starting the season with -10 points (yes, negative 10 points). Despite this handicap, the team managed to avoid relegation to the third tier of English football. In a surprising turn of events, they even reached the final of the FA Cup, where they were narrowly beaten by Chelsea. At 1xBet you can also place an online football bet on the FA Cup.
Following the end of that season, the club was sold to a new owner, who promised to invest in the team and restore it to its former glory. However, this proved to be a false dawn, as the new owner also took out numerous high-interest loans in order to fund the club’s operations. The situation repeated itself. The squad entered administration for a second time in 2012.
This time around, the situation was even more dire. The club had been relegated to the third tier of English football and was struggling to attract new investors. At 1xBet you can place an online bet on matches played on lower divisions of English football too.
