Back in the dock
Well here we are guys, back in court with this about to kick-off any time now...
Justice Alastair Norris is overlooking events with two cases listed against us in the high court today - they are:
1) HMRC versus Portsmouth City Football Club Ltd
2) Grosvenor Basingstoke Properties Ltd versus Portsmouth City Football Club Ltd.
These are the pair that had applied for the winding up order back along.
Now we play the 'waiting game', in the meantime there will be updates as provided by sky sports news and The News...
UPDATE - 11am(ish)
HMRC's Gregory Mitchell questioned the validity of our administration...
They want proof of transactions between owners to ensure that Balram Chainrai was our owner and able to put us into this?
Is the administrator, Admin Andy, independent, or is he working on behalf of someone within the club?
Is administration something that we have a chance of coming out of? We need to find £7m before end of month, another £14m by the end of May - where is money coming from?
Customs say that everything about the club is 'shrouded in mystery'...
UPDATE - 11.20ish(ish)
HMRC wants a FULL INVESTIGATION into the clubs transfers.
Admin Andy says that he will sell Fratton Park to Chainrai for £10m and then rent it back from him for £1.2m per season.
Debt stands at £65m, which includes the value of the players. Without them it would be £86m - players valued at £21m, despite Peter Storrie valuing them at £38m!
UPDATE - 12noon(ish)
Customs are pushing for a fresh winding-up date on 8th March.
In the clubs defence, from Simon Barker QC, it is said Portpin Ltd say they are making £15m available to Admin Andy for the running of the club - which should be enough.
If the appointment of the administrator in place is challenged there would be an application for a court appointed administrator - would this not have been better anyway?
UPDATE - 12.40(ish)
Barker questions customs' 'claims' of Admin Andy's 'independence' and feels that he should basically be allowed to just 'get on with his job' and not hindered as he is - then again I guess if Chainrai's company Portpin Ltd are funding him how 'independent' is he?
HMRC do not think that the money provided to fund our administration is enough but ultimately there is no proof of this funding being there anyway, this is merely being done on what is basically a 'promise'...
UPDATE - 12.55(ish)
The Judge has said 'there is a shadow over the administration that must be removed.'
It would appear that we have only provided a promise of funding on paper, so this would explain his words that 'there was a prospect but no more than a prospect that funding for administration is available'.
Squeaky bum time...
UPDATE - 13.00(ish)
Basically cased adjourned, well it is case adjourned...
The Judge does not seem happy that the 'promise' of money being there for the costs of administration is good enough, and is not confident in this.
A new hearing will take place on March 15, but in the meantime Portpin Ltd MUST provide documents of the money they have lent Pompey and the money Pompey has paid Portpin Ltd and/or Chainrai - this documentation MUST be with him by March 12th.
PLAY UP POMPEY!
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