VSI
Dallmeier

Business Directory

Browse the Directory

Sign Up to the Directory

Levy
FC Business Twitter
FC business Linked in
FC Business facebook
FC Business Youtube

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.

Add to: Google Google | Yahoo Yahoo | Live Live | del.icio.us del.icio | Digg Digg |

Related Articles

Chancellor Misses Rate-Relief Open Goal In Budget

Thu 9th Mar 2017 | Money & Finance

Rate relief for football in the community: An open goal for Government in 2017 Football clubs, large and small, will not benefit from any substantive ‘give-aways’ following the Chancellors...

Leicester City make pre-tax profit of 16.4m after winning Premier League

Thu 2nd Mar 2017 | Money & Finance

Leicester City today announced its financial results for the year ending 31 May, 2016 – a period of continued growth and unprecedented success for the Football Club. An historic, captivating...

Liverpool FC announces financial results for year to May 2016

Wed 1st Mar 2017 | Money & Finance

Liverpool FC has filed its annual accounts for the year to May 31, 2016 reporting that revenues are continuing to grow, creating further financial stability for the club. Overall revenue increased to...

Wolverhampton Wanderers Post 5m Profit

Tue 28th Feb 2017 | Money & Finance

Wolverhampton Wanderers have posted a profit of over £5m in their latest accounts. The club’s headline financial information shows a pre-tax profit of £5.831m for the year ending 31...