Pompey owner Balram Chainrai hoped to persuade League chief executive Richard Scudamore to make a special case, since they are poised to become the first top-flight club to go into administration. The south coast outfit are due £5m in television revenue before the end of the season plus £32m in parachute payments over the next two years if, as seems certain, they are relegated in May.
But Scudamore informed Chainrai that the payments could not be fast-tracked, meaning they will go into administration during the next 48 hours, barring the unlikely scenario of a buyer making a late swoop.
Chainrai’s spokesman, Phil Hall, said: “We had a very cordial meeting to explore all possibilities and any help the Premier League might give Portsmouth FC going forward.”
Hong Kong businessman Chainrai has already appointed Andrew Andronikou of accountants UHY Hacker Young to oversee the administration process. That arrangement means a winding-up order due to be heard on Monday will be suspended.
Pompey chairman Peter Storrie, thought to earn around £1.2m a year, says he is ready to take a pay cut.