London , England ( CNN ) -- The future of English Premier League club Portsmouth was in doubt Friday after it was forced to go into administration with debts of around $ 90 million . The south coast side are the first Premier League side to call in administrators since the division was formed 18 years ago , fueling a financial boom in English football on the back of lucrative TV rights . `` At 10:20am today Portsmouth Football Club was placed into administration following the filing of a notice of appointment at the High Court by the chargeholder , Portpin Limited , '' the club said in a statement on its Web site . Explainer : What next for Portsmouth ? Being placed in administration means an insolvent company is run by a court-appointed administrator with a view to saving it from liquidation . The administrator will assess the assets held by the company and attempt to reach agreement with creditors . Portsmouth , managed by former Chelsea boss Avram Grant , are already bottom of the table and facing relegation after raising around $ 100 million in player sales before the current season in a bid to reduce their debts . They will now be docked a further nine points , virtually sealing their relegation to English football 's second tier at the end of the season . The club has passed through a succession of owners this season but efforts to find a fifth broke down Tuesday when present owner Balram Chainrai confirmed the club would opt for administration to avert a winding up order from the UK government . At a press conference on Friday the club 's administrator , Andrew Andronikou , confirmed that Portsmouth 's debts were around $ 100 million , but he said he was confident they would not go bust . He also said the Premier League had indicated that Portsmouth may be permitted to sell players outside the transfer window . `` There will be no firesale . We will have to sell one or two players and that is why we are talking to the Premier League , '' he said . `` The restructuring starts today and there will be significant cost cutting at all levels . I will be cutting to the bone . '' Andronikou also confirmed that Grant had vowed to stay at the club until the end of the season . Portsmouth 's Chief Executive Peter Storrie said it was an `` extremely sad day '' but admitted going into administration had `` kept the club alive and given someone an exceptional opportunity to take this great club on with fresh investment . '' He also confirmed his intention to step down when a new buyer for the club had been found . Portsmouth 's financial collapse completes a remarkable fall from grace for a side which won the FA Cup in 2008 , the club 's first major honor since winning back-to-back English league titles in 1949 and 1950 . Portsmouth are not the first football club to run into financial problems as a consequence of debts wracked up in pursuit of success on the field . Leeds United went into administration in 2007 , three years after their relegation from the Premier League and six years after the club had reached the semifinals of the Champions League . Leicester City and Portsmouth 's south coast rivals Southampton also went into administration after losing their places in the top division .
English Premier League club Portsmouth went into administration Friday . They are the first club to go into administration in Premier League history . Portsmouth 's estimated debts estimated to total around $ 90 million . South coast club won the English FA Cup in 2008 .