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Stay of execution?

Stay of execution?

A number of 'reports' are beginning to surface that say Pompey 'might' have managed a stay of execution from the immediate threat of being 'wound-up' this week, with this threat starting to ease a little, as are the possibilities of Pompey becoming the first premier league club forced into administration?

The BBC - which is the source for many of these quotes that will follow - which to be fair is one of those that are 'usually' more accurate says: 'Portsmouth say they are close to reaching an agreement to avoid being wound up in the High Court.

'The club's lawyers have been in talks with Her Majesty's Revenue & Customs over a deal which they hope will lead to Wednesday's action being dropped.'

Should the winding up hearing go ahead as scheduled God only knows what would happen but 'apparently' this deal has been arranged that would see a large amount paid off now with agreements already reached with creditors.

It was also said: 'An agreement has already been reached with the creditors other than HMRC who have been named in the case, which relates to a reported £7.5m VAT bill.

'If a compromise is reached, it is likely that a substantial part of the money due to HMRC will be paid, with the rest of the debt re-scheduled, thereby avoiding Pompey becoming the first top-flight club going into administration.'

As said The BBC is one of the more 'reliable' media sources out there, although until something more 'official' comes along we will have to continue to keep hoping for the best and keep our fingers crossed...

Lets hope that Tuesday can bring us some decent news before the evening does with the 3pts that we WILL collect from Sunderland!

PLAY UP POMPEY!


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Writer:pompeyrug
Date:Monday February 8 2010
Time: 11:20PM

Comments

0
A start to good news week?
PFCblue
08/02/2010 23:44:00
0
lets hope so eh blue! just imagine how much of a boost it will be to everyone if we get some positive news confirmed officially, and by HMRC, before the sunderland game! some good 'off-the-field' news could make a hell of alot of difference to our season, and of course our future...
pompeyrug
08/02/2010 23:54:00
0
so this latest Arab guy to be linked - he is the real McCoy ! so it probably wont happen lol !
southportpompey
08/02/2010 23:58:00
0
Match postponed pools forcast Chanrai 1 - HMRC 1.
russellm
09/02/2010 07:35:00
0
Although looking back at info from the same source Pompey must have had some sort of case as the figure dropped from £11m down to £7.4m.
russellm
09/02/2010 07:38:00
0
russellm, I have seen a link saying that Pompey have already paid £4m, leaving the balance of £7.4m. Just hope now the lads can do the business on field and hope the background team can sort the money side out. Can't imagine Chanrai will lose everything over the tax payment even if he has to stomp up the full amount. Hopefully if a deal has been struck a smaller amount will be paid now and the rest deferred till the end of season, by which time hopefully we will have our 5th new owner.
blarmy
09/02/2010 09:59:00
0
The debt has been reduced to 5.8m now and the HMRC wants this afternoons talks to remain confidential. So we will hear nothing until the debt has been cleared/payments rescheduled or, heaven forbid, a winding up order has been enforced.
peter026
09/02/2010 11:46:00
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