Vital Football

HMRC - Issue Winding Up Petition

HMRC - Issue Winding Up Petition

If you are just on your way to bed or have just woken up .. I apologise for breaking the news...

Jamie Jackson from 'The Guardian' writes ..

Portsmouth have been issued with a petition to be wound up by Her Majesty's Revenue and Customs for unpaid PAYE of £1.6m, according to Andrew Andronikou, the administrator of the club's parent company. He described the situation as 'very serious''.

Michael Appleton, the manager, may be forced to sell players from his already threadbare 18-man squad to raise funds to help ease the crisis.

Andronikou, of Convers Sports Initiatives (CSI), which owns Portsmouth and who handled the club's administration last year, said: 'The club effectively ran out of cash at the end of December. The situation is extremely serious, we're under extreme pressure to find a buyer.Time is against us. The issuing of the petition effectively means the club loses its ability to use its bank accounts. But we've made other provisions. We're not fazed or worried by it. The club's debts are not significant, we haven't got millions and millions of liabilities.

'We pretty much have two months' PAYE outstanding. We have about £800,000 a month and we never paid December and the club certainly is not in a position to pay this month so it's a total of £1.6m. We're waiting to see what the Revenue will do. They will probably advertise the petition [in the London Gazette] next week. I think there is a hearing date at the end of February.

'We need to focus on finding a buyer to completing a transaction to raise cash. In terms of working capital and cash it's only going to come from two sources: a buyer or player sales. We're working on both.'

Asked whether Appleton would have much choice who to sell, Andronikou said: 'No, but Michael has been extremely helpful and understanding of the circumstances, in general terms we are looking to lower the average wage bill.'

The players' December wages have been paid. 'We've got plans to have the players paid for this month as well, but this situation cannot continue indefinitely,' he said.

If monies are not raised then Andronikou said he will have to ask the secured creditors, who include Balram Chainrai, the former owner still owed around £17.5m, if they wish to fund the club. Andronikou said: 'We, the administrators of the parent company, can't stay as the de facto shareholders for too long - we haven't got the ability to provide monies for the club. The club is not in administration, the club is still running under the steam of the board. I'm anticipating HMRC will advertise the petition and that will be another problem we'll have to deal with in due course.

'We'll hopefully try and do a deal [to sell] in a very short period of time. We are trying to find [a new owner] who is not going to be there for five minutes.'''

A very tired Chix says.. Nothing !

Click here to join in the debate on the club forum.

Date:Sunday January 22 2012
Time: 12:57AM


AA says... We're not fazed or worried by it.
22/01/2012 00:59:00
AA says.... the situation is 'very serious''
22/01/2012 01:00:00
AA says....we've made other provisions
22/01/2012 01:01:00
AA says..... in general terms we are looking to lower the wage bill.'
22/01/2012 01:02:00
AA says..... we haven't got the ability to provide monies for the club
22/01/2012 01:03:00
Chix says .... What the ***** is AA saying ?
22/01/2012 01:03:00
dump BC and SG rid ourselves of criminal and leaches and start AFC Pompey NOW
plymouth graham
22/01/2012 01:06:00
Not that simple is it PG .. I'm not a lover of the AFC Pompey idea to be honest .. and how do we dump creditors and landowners ??... I know let's become an independent state that does not recognise past laws of the United Kingdom.. Oh ***** have I just given the Trust another idea to work on.
22/01/2012 01:21:00
Lets be honest, I could no more support AFC Pompey than Scumhampton, it would mean nothing to me, diddly squat! I support Pompey, THE Pompey, not some ******** child...
22/01/2012 06:25:00
AFC is a daft idea and BC isn't the criminal here. Why should he just give up his money? Not sure where you got that from PG. also it doesn't quite work like that.
22/01/2012 09:19:00
Page 1/4
  1. 1
  2. 2
  3. 3
  4. 4

Login to post a comment

Recent Portsmouth Articles

Chaplin secured

Chaplin had a contract with Pompey until 2018 but ahead of the disappointing Notts County defeat he extended his contract with the Blues until 2019.

On this day in history...25th October

A look back at this day in history, and what was happening with Pompey courtesy of our sister site PompeyRama, 25th October.

Another Fratton disappointment

That 2nd half on Saturday against Notts County was woeful - absolutely awful wasn't it. The first 15-minutes or so of it was like a pre-season friendly to pre-season!

Match highlights - Pompey 1-2 Notts County

What a disappointment that was! The 1st half wasn't bad, in fact large chunks of it were good but the 2nd half was just woeful with a soft centred Pompey beaten 2-1 by Notts County.

Archived Vital Pompey Articles

Vital Pompey articles from

Site Journalists

Editor email
Editor email
no email
no email

Current Poll (see more polls)

Notts County MotM
Suggested By: Site Staff
Sub - Naismith0%
Sub - Main0%
Sub - Lalkovic0%
ScoopDragon Publishing Entire League Network of Sites

League Table

# Team P W D L Pts. GD
1 Plymouth 14 10 2 2 32 12
2 Carlisle 14 7 7 0 28 10
3 Doncaster 14 8 2 4 26 8
4 Luton 14 6 5 3 23 9
5 Portsmouth 14 6 3 5 21 6
6 Notts County 14 6 3 5 21 1
7 Accrington 14 5 5 4 20 1
8 Grimsby 14 6 2 6 20 0
9 Crawley 14 5 5 4 20 -1
10 Morecambe 14 6 2 6 20 -6
11 Mansfield 14 4 7 3 19 1
12 Crewe 14 4 7 3 19 -1
13 Yeovil 14 6 1 7 19 -5
14 Blackpool 14 4 5 5 17 4
15 Colchester 14 4 5 5 17 -1
16 Cheltenham 14 3 7 4 16 -1
17 Hartlepool 14 3 7 4 16 -4
18 Cambridge 14 4 4 6 16 -5
19 Leyton Orient 14 4 3 7 15 -2
20 Barnet 13 3 6 4 15 -4
21 Wycombe 14 4 3 7 15 -5
22 Stevenage 13 4 2 7 14 -3
23 Exeter 14 4 1 9 13 -6
24 Newport 12 1 4 7 7 -8
Vital Football Comment
Latest F1 News
Latest Vital Boxing News
Write for Vital Football

Recent Portsmouth Results (view all)

Portsmouth Fixtures (view all)

Oct 29 2016 3:00PM : Cambridge United (a)
Sky Bet League Two
Nov 12 2016 3:00PM : Mansfield Town (H)
Sky Bet League Two
Nov 19 2016 3:00PM : Cheltenham Town (a)
Sky Bet League Two
Nov 22 2016 7:45PM : Luton Town (a)
Sky Bet League Two
Nov 26 2016 3:00PM : Stevenage (H)
Sky Bet League Two
Dec 10 2016 3:00PM : Grimsby Town (a)
Sky Bet League Two

Vital Members League Table

The Vital Football Members League