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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.'

PLAY UP POMPEY!


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The Journalist

Writer: pompeyrug Mail feedback, articles or suggestions

Date:Thursday March 11 2010

Time: 11:02AM

Your Comments

Is AA still going to contest the 9 point deduction? (ever the optimist)!
gandor1
i guess it all depends on how the rules set out actually relate to what admin andy and co really CAN and WILL find out? it 'seems' by the rules that any proof of 'financial irragularities' going on can see some leeway given - we will get hit with the 9pts but could well contest this and 'maybe' see something of a compromise met?
either way lets be honest, and i am more optimistic rug these days again and no longer cynical rug (i do not like cynical rug!), we are probably going down regardless - i think the main thing is that we start next season on 0pts...
pompeyrug
Agree Rug - good news once confirmed by one of the partners concerned. And yes he will oppose the 9 pt deduction, whether successfully or not is another matter!
eastneydave
I think Admin Andy said in his press conference that the court case still has to happen, but will get dismissed because it's all been settled. Cynical tracyc is still there a bit, and will be all the happier once it's all official. But I am feeling a lot better about the whole situation now. If the cost of putting this winding up order away is -9points, then so be it, I agree with rug that we probably were going down anyway, our 'great escape' isn't going well at all! A couple of months ago if you'd offered me starting next season in the Championship, especially on 0 points, but even with a points deduction, I'd have ripped your arm off for it.
tracyc
A good victory for Admin Andy so unless something really untoward happens our club will survive. regards the 9 points once the administrator gets his letter from HMRC we cannot contest the 9 point deduction without the clear proof that the club took every practicable step to manage its sitiuation, and could not forsee the risks affect. Phenominal win bonus for players, over staffing, salaries more than 75% of the gate, loan based on revenue not yet earnt, loans based on reliance of a rich benefactor does not add up to every practicable step being taken and no apparent forseeable risk. Rug is spot on, the main thing now is to tie up a CVA and an owner willing to fund it before we start next season; that way we will avoid a 15-20 point drop ;dependant upon financial irregularities.
russellm
I do however doubt that the Taxman has admitted defeat !! It will still want its money !!!! But a step in the right direction, YES !
BarneyArmy
It's been confirmed that case dropped -breaking news on Sky
yellowcheesemonkey
This is the most important 'victory' in our club's history! Everything is far from fine - but the disaster has been averted. Lets hope we never ever go there again.
tracyc
Always had a sneaking feeling that one of the reasons HMRC wanted to get stuck into Pompey is because they might have been hoping to find some more dirt that would stick to Redknapp, Storrie and co.
gandor1
 

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