UHY Hacker Young begin the cost cutting.

Andrew Andronikou has confirmed that 85 employees of Portsmouth Football Club have been made redudant as the cost cutting begins.

In a 5pm press conference, the administrator said he forsees no more job losses before the end of the month although virtually admitted that if (more like when) the club get relegated, there will be further cuts.

The megastore was closed today but should be reopened tomorrow, although the other stores have been closed as HYC Hacker Young look to reducing financial outgoings for the long term.

Andrew revealed that Peter Storrie is still C.E.O "today" and he help the club find a new buyer as interest in the club mounts by the day, but he has taken a 40% pay cut of his basic wage, won't earn any bonuses and now earns "significantly less than 500,000 a year".

The poor souls who lost their jobs today will no doubt be wondering why they were sacrificed when the club surely won't save much money by cutting their salary from the bill, yet the players are still under contract with their massive wages (in context).

Andronikou defended this by saying that by the players are under contract, protected by the PFA and it would make no sense to release what is effectively the "shop window" of the club, the thing that will attract new buyers.

For what it's worth, two players have offered to take pay cuts butAndrew wouldn't say who it was. I think David James is probably one of them, but I would urge the two players to reveal themselves and make it known that they are at least trying to do their part in keeping the club alive.

If there was anything positive to take from this grim press conference, it was that the administrator has said that two interested parties have provided proof of funds and are genuinely interested in buying Portsmouth Football Club.

Andronikou was certain that Pompey would be able to fulfil their fixture list for the rest of this season and even the start of next season. He also said that the club will receive the FA Cup prize money after reaching the semi-finals.

The best news though, was that Andrew was confident that, after a meeting yesterday with HMRC, they will drop challenge of the administrator being appointed independently and therefore the club will not face liquidation in the forseeable future.

However, this has been a bleak day for 85 people who have lost their jobs through no fault of their own and I can only offer my heartfelt condolences to these people and wish them all the best in the future.