Friday's Daily

Europe Arsenal cut debts by £130 million -- from The Times' Russell Kempson and Ben Smith: "How we will use this surplus remains undecided." Pompey become first top-flight club in administration -- from BBC Sport: "The next few months are crucial to the business." Portsmouth are the biggest casualty of football's regulation failure -- from The Guardian's Owen Gibson: One source involved in arranging such financing estimates that around half the Premier League clubs have.

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