The Premier League offer Portsmouth a lifeline.
Wed 3rd Mar 2010 | Money & Finance
It’s reported that Portsmouth Football Club will be offered a staggering £32million rescue deal from the Premier League to pay their tax bill and avoid going bust this season.
The club appeared in the High Court yesterday after HMRC challenged their administration and are seeking full settlement of a debt worth around £14million by the end of March - money that they simply do not have.
The Premier League are now poised to step in and advance them their parachute payments plus TV cash to give them the funds to stop the taxman from shutting them down.
It’s expected the cash would also pay the wages of their players, roughly £4million a month, and also guarantee that they can field a side for the remainder of the campaign.
Premier League chief executive, Richard Scudamore has contacted top-flight chairmen to let them know of the plan and seek their approval - with insiders revealing it will be passed.
The Premier League are to have a summit tomorrow which will go ahead despite claims that it has been cancelled. The offer of the cash now will be made at the meeting - in return for Pompey accepting a nine-point penalty that will almost certainly relegate them.
The Premier League owe Portsmouth the parachute cash over the course of the next two years - along with some TV money - and they feel that it is right to give them that advance because of their current crisis.
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