Portsmouth will just be reformed if they get put of business, OK they will have to start at the bottom of the English pyramid. OK that will take 10 - 12 years to get back but during that time they will win countless non league trophies and rise up back to the league. Is that really a crisis.
As far as English football is concerned does it matter if Portsmouth or Hull in the Premier. Therer will be plenty other teams to replace Portsmouth, and Portsmouth can spoend their time rising up through the divisions.
isle of man houses
Take the example of Fiorentina.
ACF Fiorentina, commonly referred to as simply Fiorentina, is a professional Italian football club from Florence, Tuscany. Founded by a merger in 1926, Fiorentina have played at the top level of Italian football for the majority of their existence; only four clubs have played in more Serie A seasons. After climbing back up the Italian football system in the early 2000s, Fiorentina are currently competing in the Serie A.
2001 heralded major changes for Fiorentina, as the terrible state of the club's finances was revealed: they were unable to pay wages and had debts of around USD 50 million. The club's owner, Vittorio Cecchi Gori, was able to raise some more money, but even this soon proved to be insufficient resources to sustain the club. Fiorentina were relegated at the end of the 2001-02 season and went into judicially controlled administration in June 2002. This form of bankruptcy (sports companies cannot exactly fail in this way in Italy, but they can suffer a similar procedure) meant that the club was refused a place in Serie B for the 2002-03 season, and as a result effectively ceased to exist.
The club was promptly re-established in August 2002 as Associazione Calcio Fiorentina e Florentia Viola with shoe and leather entrepreneur Diego Della Valle as new owner, and was admitted into Serie C2, the fourth tier of Italian football. The only player to remain at the club in its new incarnation was Angelo Di Livio, whose commitment to club's cause further endeared him to the fans. Helped by Di Livio and 30-goal striker Christian Riganò, the club won its Serie C2 group with considerable ease, which would normally have led to a promotion to Serie C1. However, due to the bizarre Caso Catania (Catania Case) the club skipped Serie C1 and was admitted into Serie B, something that was only made possible by the Italian Football Federation's decision to resolve the Catania situation by increasing the number of teams in Serie B from 20 to 24 and promoting Fiorentina for "sports merits". In the 2003 off-season, the club also bought back the right to use the Fiorentina name and the famous shirt design, and re-incorporated itself as ACF Fiorentina.
The club's unusual double promotion was controversial, with some suggesting that Fiorentina did not deserve it. However, the club remained in Serie B and managed to finish the 2003-04 season in sixth place. This put the Viola in a two-legged playoff against Perugia (the 15th-place finisher in Serie A) for a top-flight place during the next season. Fiorentina completed their remarkable comeback by winning the match 2–1 on aggregate, with both goals scored by Enrico Fantini, to gain promotion back to Serie A. In their first season back in Italian football's top flight the club struggled to avoid relegation, only securing survival on the last day of the season and only avoiding a relegation playoff based on their head-to-head record against Bologna and Parma. In 2005, Della Valle decided to appoint Pantaleo Corvino as new sports director.