The taxman admits defeat? UPDATE

According to The News, which kind of backed up what Admin Andy was saying in his press conference yesterday and what a text or 2 have said to me since, the taxman HAS dropped its latest court case against us...

The validity of Admin Andy, and the UHY's appointment as our administrators, had been questioned by HMRC although they have seemingly been supplied with all the documentation they needed and have dropped their case, which 'could' have seen us wound-up on Monday I guess?

Balram Chainrai's hold on the club, and the legality of that was also questioned - but again this seem 'in order'...

I would be MUCH happier to see this news officially confirmed on The Pompey Site - so would hope that this is the case in the hours ahead?

Speaking of Chainrai, talking to Bloomberg TV, he feels that as long as the club is 'alive' so too is his money that he is owed and he still feels he will get this back: 'I don't feel I've lost the money.

'I feel the money is there, I can see it. If the club is alive my money is alive.

'There were court cases against the club, it was a possibility that the club would have been wound up, and if that happened everybody would have lost their jobs.

'I would have lost my money and my main focus was to actually stabilise the club, to try and get my money back. The only way I could do it was to exercise my right to seize the shares.'

Once the status of things, as they stand, is confirmed then the premier league will almost certainly confirm our 9pt penalty - although a 9pt penalty IS better than the penalty of having no club at all!

The next fight is to win the one that ensures we have no further penalties regarding points for next season...

UPDATE

HMRC have now confirmed that they have dropped this issue, a statement read: 'despite HMRC continuing to have a number of remaining questions and concerns around the relationships of various parties, and a lack of detail of financial affairs, HMRC has now advised the administrators that we will no longer challenge the validity of the administrator's appointment.

'This comes in light of the additional material now provided following the judge's directions of 2 March 2010.

'HMRC would expect that now that the issue of validity is no longer in question, the administrator will be able to make early and real progress with the administration in order to get the best and most equitable return for all creditors.'

Sky sports' Bryan Swanson says that 'sources' told him that HMRC are 'still not happy but they do not see any benefit in continuing an expensive, long-running, legal protest against the club.'

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