Portsmouth now who next?

Denn Forever · February 19, 2010, 10:56:57 AM

Portsmouth in a dodgy situation but is anyone worried their club may not be able to service their debt?

Portsmouth went into administation 1999 and when they were bought by Mandric they had no debts. They obviously didn't learn from Leeds.

Portsmouth reveal financial position to High Court

The Fratton Park club have had four owners already this season
The full extent of Portsmouth's financial problems was revealed to the High Court on Wednesday.

Last week, the cash-strapped club survived a winding-up order on the condition that they provided a detailed statement of their finances.

Portsmouth said that statement was delivered to the court and Her Majesty's Revenue and Customs (HMRC) by the 1600 GMT deadline.

Pompey will return to court on 1 March over the winding-up petition.

The Premier League's bottom-placed club are understood to have debts of around £60m but are hoping to show they will be able to repay their debts.

The financial statement was prepared by accountancy and insolvency experts Vantis, which was appointed by the High Court to examine the club's accounts.

HMRC had taken Portsmouth to court over an unpaid tax bill amounting to £7.4m.

As well as the VAT bill Portsmouth is disputing with HMRC, it also owes £4.7m in unpaid PAYE and National Insurance which were not part of the court petition last week.

Hong Kong-based businessman Balram Chainrai recently became the club's fourth owner of the season after taking 90% of the club shares after the previous owner Ali Al Faraj defaulted on loan payments due to him.

Eight points from safety, the Premier League's basement club's financial woes have meant their players have been paid late on four occasions this season.

The club are also involved in a separate dispute with former owner Sacha Gaydamak over whether they have missed a deadline in paying a £9m chunk of the £28m they owe to him.

The Premier League recently withheld £2m of transfer payments and a £7m slice of television revenue to divert to Chelsea and Watford for the signings of Glen Johnson and Tommy Smith respectively.

The Fratton Park club are also being sued by former defender Sol Campbell for £1.7m for unpaid image rights.

T Fearon · February 19, 2010, 12:55:27 PM

The first of many I would say.

A Quinn Martin Production · February 19, 2010, 01:04:52 PM

Quote from: Denn Forever on February 19, 2010, 10:56:57 AM
Portsmouth in a dodgy situation but is anyone worried their club may not be able to service their debt?

The Fratton Park club are also being sued by former defender Sol Campbell for £1.7m for unpaid image rights.

What image is that then Sol...a money grabbing dick??

lurganblue · February 19, 2010, 01:09:16 PM

Will he not get only a small fraction of that if they are liquidized? Complete tool

ziggysego · February 19, 2010, 01:13:29 PM

Spurs.....

bingobus · March 01, 2010, 04:54:41 PM

Story breaking that Portsmouth not out of woods yet and the Revenue are back in court looking for a winding up, they not happy with voluntary Administration.

longrunsthefox · March 01, 2010, 05:04:02 PM

I can't understand why the league docks points from a club in financial difficulties. That only hastens their demise, does it not? You'd think the FA would want to help them through it.

bingobus · March 01, 2010, 05:46:09 PM

Quote from: longrunsthefox on March 01, 2010, 05:04:02 PM
I can't understand why the league docks points from a club in financial difficulties. That only hastens their demise, does it not? You'd think the FA would want to help them through it.

Its a measure to keep clubs within their means. Think McCarthy and Brown summed this up last week, when they talked about been outbid by Portsmouth for a number of players which they couldn't afford. Should they be rewarded for this?
I think the points deduction is the only way to prevent clubs from keeping house in order. Keeps some form of connection between boardroom and football field.

Denn Forever · March 06, 2010, 02:29:07 PM

Portsmouth in FA cup semi final.

More than potential honours it is the chance of getting some filthy lucre. The creditors will be happy.

muppet · March 06, 2010, 05:43:20 PM

Quote from: Denn Forever on March 06, 2010, 02:29:07 PM
Portsmouth in FA cup semi final.

More than potential honours it is the chance of getting some filthy lucre. The creditors will be happy.

That would be the players.

Denn Forever · August 04, 2010, 07:11:40 PM

And now it comes down to wire, They may be no more by this time tomorrow.

Unfortunately its the taxman who want payment.

http://news.bbc.co.uk/sport2/hi/football/teams/p/portsmouth/8886009.stm

Portsmouth face oblivion if they lose tax case - lawyer
By Dan Roan
BBC Sports News correspondent

Portsmouth had a disastrous 2009-2010 season
Portsmouth could go out of business if they lose their court case against the tax authorities on Thursday, according to the club's lawyer.

Her Majesty's Revenue and Customs says it is owed £13m more than the £24m claimed by Portsmouth's administrators.

Richard Sheldon QC says that if HMRC wins, the club will "not be able to give the Football League the assurances it needs to fulfil its fixtures