LONDON — It remains a mystery to me how a club that has made £60 million profit on transfers over the past three years, has won the F.A. Cup, played in the UEFA Cup and receives around £30 million a year in television fees can be faltering on the brink of bankruptcy.
But Portsmouth faces the threat of going out of business even though a High Court granted the club an adjournment of nine days for a winding-up order by Revenue & Customs, which is owed more than £12 million.
Portsmouth has had four owners this season — the same number of victories it has managed in the Barclays Premier League — and is in the process of finding a fifth. It has about a week to complete the process before returning to court.