Portsmouth, with debts of about £60m, have become the first Premier League club to enter administration.
The club will be docked nine points as a result and face almost certain relegation to the Championship.
My only true surprise is that they are the only club. We have many Premiership teams paying ridiculous wages to players and who are multi-millions of quids in debt and I wonder who will be next?
Football isn't recession proof either and if the clubs continue to extort the fans with stupid entrance fees, I reckon we'll see a few more fall by the wayside. :-(