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.
Thu 20th Apr 2017 | Money & Finance
Premier League clubs’ revenues increased to a new record of £3.6bn in 2015/16, according to Deloitte, the business advisory firm. Analysis of the financial results of Premier League clubs...
Thu 13th Apr 2017 | Money & Finance
CEO, Lewis Holland and the team at DiscountIF team have been studying various merchandise stores of football clubs in the UK. This article was originally posted here. We’ve compiled a short list...
Thu 6th Apr 2017 | Money & Finance
Championship table toppers, Newcastle United have posted a profit of £4.6m for the year ending June 2016. However, the profit after tax for the year of £4.6m was down from the £32.5m...
Thu 30th Mar 2017 | Money & Finance
The following is a guest post by CEO of DiscountIF , Lewis Holland. He and the team at DiscountIF have continued to analyse the merchandise space and identify who’s doing their job well and who...