Formed in 1898, Portsmouth's first chairman was the owner of the local brewery. Their first match at Fratton Park was in 1899 against bitter local rivals Southampton and the club still play at the noisy but ramshackle ground. Their first season in the top flight came in 1927/28 but it was a tough time, with the club's record defeat being recorded, against Leicester. The 1930s saw the club lift the FA Cup for the first time (1939) and due to the Second World War they held it for a record seven years. Post-war, Portsmouth became the team to beat as they won the league title two years in succession, but by the end of the 1950s they had been relegated. The 1970s were even worse as the club almost went bankrupt and slipped into the third division and then the bottom tier for the first time. The 1980s also saw financial woes but Portsmouth did make a brief return to the top-flight. In 1992/93 they lost the first FA Cup semi-final to be decided on penalties and missed out on promotion to the top flight by a one goal difference. In 1998 the club went into administration and was saved by the Serb Milan Mandaric. He eventually appointed Harry Redknapp as manager and they saw the team reach the Premier League. Mandaric has since left the club but Redknapp returned from exile at Southampton and has established the team as a top-half side as well as winning the FA Cup in 2008, giving the club European football for the first time in their history.